Launch of various new products and intensified price competition, amid developed and emerging markets to continue rapid growth [...] Expect smartphone/tablet demand to decrease QoQ under weak seasonality.

符合上季法說會釋出的獲利將持續衰退的警示，Samsung季報預告其營益年減4.3%，營收與去年持平。



* Q1 op profit likely 8.4 tln won, down 4.3 pct y/y
* Guidance in line with market expectations
* Shrinking smartphone margins to pressure company
* Shares down 0.6 pct after guidance, vs 0.1 pct drop in KOSPI


53兆韓圜營收遜於市場預期，FacSet原先認為有54.7兆；營益部分則大致符合。

8.40兆 - FactSet
8.50兆 - Thomson Reuters I/B/E/S
8.35兆 - StarMine's SmartEstimate

獲利衰退主要肇因於來自中國的低價手機競爭，且可能持續發酵為Samsung三年來首次年度獲利衰退。

In some sense, Samsung has no way to prevent a decline in its earnings without improving internal efficiencies. The company's efforts to rein in component costs and make products that appeal to a wider audience will be crucial as Samsung braces for what could be its first annual profit decline in three years.
- Greg Roh of HMC Investment and Securities

而市場對高階飽合與來自中國低價競爭的憂心，亦讓Samsung股價自去年一月的歷史高檔下挫12%

意識到高階手機銷售鈍化的處境，雖然Samsung已率先將新旗艦機GS5自往年價位下調10%，4月11日全球首發卻巧遇本國三大電信商受罰停售，本季銷售料有些微影響。

Last year South Korea represented 4.5% of Samsung’s total smartphone shipments, so this will definitely have an impact. The impact would be much stronger if only Samsung devices were suspended in South Korea, which is not the case. All vendors will face the same problem.
- Francisco Jeronimo, European mobile devices research director for IDC

PS：南韓三大電信商以超過27萬韓圜法定上限，超額補貼用戶購機，遭罰45天不得售機。
SK - 04.05~05.19
KT - 03.13~04.26
LG U+ - 03.13~04.04、04.27~05.28

隨著Samsung連續第二季獲利走下坡，月底Apple的季報是否亦是同病相憐？低價為王，千元機起家的中國品牌獲利是否將逆勢上揚？穿皮鞋的跟穿草鞋的，誰能力爭上游？