Samsung Electronics warned that first quarter profits declined nearly 60 percent compared to last year, brought on by weakness in displays and its memory chip unit.
CNBC, citing the company, reported Samsung said operating profit for the March-ending quarter will be about 6.2 trillion Korean won or $5.5 billion, which is down from the 15.64 trillion won Samsung was able to post for the first quarter of 2018. Analysts, according to CNBC, had expected Samsung Electronics to weigh in with profit of 6.8 trillion won. The company will report the first quarter earnings later in April but released preliminary results Friday (April 5). Sales for the first quarter are expected to be about 52 trillion won, which CNBC noted is 14 percent lower than year-earlier.
