By Youkyung Lee, Technology Writer
SEOUL, South Korea (AP) --Samsung's quarterly operating earnings fell 31 percent from a year earlier but the drop wasn't as big as expected in a sign the smartphone and computer chip giant may be emerging from its profit slump.
The company on Tuesday estimated its January-March operating profit at 5.9 trillion won ($5.4 billion), exceeding the average 5.5 trillion won forecast in a FactSet survey of analysts.
Samsung did not give a breakdown of its financial performance but analysts said robust demand for its mobile chips and improvements in its smartphone business were behind the relative improvement. It will release its full quarterly results later this month.
The company's operating profit was an improvement from the previous two quarters when its mobile business, which accounts for two-thirds of Samsung's income, suffered from a sales slowdown. Samsung estimated that its sales fell 12 percent to 47 trillion won ($43 billion) during the first quarter.
Analysts believe the South Korean company's profits hit bottom during the third quarter.
They expect a recovery in Samsung's bottom line in the current quarter as the company is set to launch the latest version of its flagship smartphone, the Galaxy S6, on Friday.
After criticism that its phones look cheap and are too complicated to use, Samsung ditched plastic, using aluminum and glass for the new flagship smartphone's body. The company also removed many apps that were installed on the phones that critics said cluttered screen space without being useful.
Solid demand for semiconductor devices that are used as components for mobile gadgets will continue to help drive a recovery in Samsung's profits, according to analysts.
Samsung is the world's largest maker of memory chips. For the upcoming Galaxy S6 smartphone, the company is supplying its own mobile processor that works as the brain of the phone.
Samsung's share price was unchanged in Seoul trading.
“Scandal” cast will reunite for online script reading for hurricane relief in western North Carolina
The cast of ABC's hit political drama "Scandal" may need to brush up on their snappy, speedy delivery known as "Scandal-pace," because they're reuniting for a good cause. Its stars including Kerry Washington, Tony Goldwyn and Bellamy Young will take part in a live virtual script reading on Nov. 17 to raise money for hurricane relief in western North Carolina.
Beginning Friday, fans can go online and donate to reserve a spot for the online reading. Proceeds will benefit United Way of North Carolina. Everyone who donates will be able to take part in a virtual pre-event with the cast and Shonda Rhimes will give an introduction.
Additional guest stars will also be announced. The online fundraising platform Prizeo is also holding a contest where one person who donates online via their site will be selected to read a role from the script with the actors. The winner should not worry about the "Scandal"-pace, assured Young over Zoom.
"Whomever the lucky reader is can read at whatever pace they want," she said.
Young, who played Mellie Young, the first lady and later Republican presidential nominee on "Scandal," was born and raised in Asheville, North Carolina. She came up with the idea for the effort with a friend and took it to her fellow "Scandal" actors, who all jumped on board. Young said this is the first script reading the cast has all done together since the show ended after seven seasons in 2018.
Which episode they will be reading has not been announced yet.
Young said it's "been devastating" to see so many parts of her hometown badly damaged by Hurricane Helene, which ravaged western North Carolina one month ago.
To research the best use for donations, Young spoke with numerous political leaders, including North... Read More