Samsung Electronics Co. said Friday its operating profit for the last quarter likely fell more than 60% from a year earlier amid falling memory chip prices and slowing demand for display panels.
The South Korean technology giant estimated an operating profit of 6.2 trillion won ($5.4 billion) for the January-March quarter, which would represent a 60.4% drop from the same period last year.
The company said revenue likely fell 14% to 52 trillion won ($45.8 billion), but didn’t provide a detailed account of the estimated performances of each business division. It will release a finalized earnings report later this month.
Samsung last week predicted that its first-quarter earnings would fall below market expectations because of a larger-than-expected decline in chip prices and weak demand for display panels.
Samsung, which has dual strength in parts and finished products, is the world’s biggest maker of memory chips and smartphones.