Tallahassee Journal

Samsung Electronics expects difficult 2016

Samsung Electronics expects difficult 2016

Samsung Electronics, the South Korean manufacturing giant whose expansive product lines range from smartphones and semiconductors to dishwashers and refrigerators, expects challenging business conditions in 2016 as global demand remains weak.Samsung-Banner-Huge

Samsung CEO Kwon Oh-hyun issued his prognosis in his New Year’s address to about 500 employees gathered at its R&D campus. While he didn’t issue specific forecasts, Kwon expects “slow growth will continue” this year as financial risks in emerging markets and other uncertainties linger, according to a statement provided by Samsung that confirms Kwon’s comments.

The company plans to issue earnings guidance for the fourth quarter on Friday, according to Reuters, which first reported about Kwon’s speech. Kwon expressed concern for smartphones, TV and memory chips — three of Samsung’s main business lines — as competition in the sectors “will intensify.”

He also urged Samsung employees to seek innovations in financial technology, mobile health and other areas of convergence technology as “industrial boundaries are crumbling” in these emerging businesses. In October, Samsung reported that third quarter sales rose 9% year-over-year to $43.4 billion. Net income rose 29% to $4.6 billion.

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