Samsung Electronics sees tough 2019 for component business: CEO

Technology

The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. REUTERS/Kim Hong-Ji

SEOUL (Reuters) – Samsung Electronics Co Ltd expects a tough year for its component business including memory chips due to sluggish growth in the smartphone market and reduced investment from data center companies, Chief Executive Kim Ki-nam said on Wednesday.

He was speaking at the South Korean tech giant’s annual general meeting where shareholders are expected to vote on the appointment of board directors.

Samsung is seeking new growth in areas such as network equipment manufacturing as sales of its mainstay chips and smartphones begin to drop.

The company would continue to make bold investments in semiconductor manufacturing in the face of stiffening Chinese competition, Kim said.

Reporting by Ju-min Park; additional reporting by Hyunjoo Jin and Heekyong Yang; Editing by Stephen Coates

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