Samsung

Samsung profit slumps

Woman looks at phone
Getty Images

Samsung has posted a sharp drop in first quarter profits, as falling chip prices and slowing demand for display panels knocked earnings.

The South Korean electronics giant posted net profit of $5.04 trillion won ($4.3bn; £3.3bn) for the three months to March, down 57% year-on-year. The result was in line with forecasts.

"Looking ahead to the second quarter, Samsung expects limited improvement in the memory chip market, as demand will likely begin to improve for major applications such as mobile products but price declines will likely continue," the company said in a statement.

Samsung forecasts 60% drop in Q1 profit

Samsung logo exhibited during the Mobile World Congress, on February 28, 2019 in Barcelona, Spain
Getty Images

South Korea's Samsung Electronics has said its operating profit for the first quarter likely fell 60% to its lowest levels in over two years.

That was below market estimates, even after the firm issued profit warning last week.

Samsung's profit warning

Samsung logo exhibited during the Mobile World Congress, on February 28, 2019 in Barcelona, Spain
Getty Images

Samsung has said in a surprise statement its first-quarter profit will likely miss market expectations due to lower memory chip prices, according to media reports.

"The company expects the scope of price declines in main memory chip products to be larger than expected," Samsung said, according to Reuters.