SEOUL: South Korean tech giant Samsung Electronics Co said it expects a difficult business environment in 2016 due to weak global economic conditions and heightened competition in key businesses including memory chips and smartphones.
In a statement yesterday, Samsung said Chief Executive Kwon Oh-hyun told employees in a New Year’s address that low global growth will persist this year, with greater uncertainty stemming from issues such as financial risks for emerging countries.
The comments, which didn’t disclose specific forecasts, come amid growing concerns that October-December results for the world’s biggest maker of smartphones and chips may be weaker than previously expected.
“Negative impact from weak demand and falling sales prices for semiconductor and liquid crystal display industries was likely bigger than initially anticipated,” brokerage Korea Investment said in a report issued separately yesterday.
