Samsung says profit slid 60 percent year on year

Samsung Electronics' operating profits in the first quarter were reduced by about 60 percent of annual revenues that decreased by about 14 percent, according to a preliminary guidance, further illustrating the company's struggle with the falling prices of chips. The company had already issued an unprecedented warning last week that its earnings would be lower than market expectations.

Total sales are expected to reach 52 trillion won ($ 45.7 billion), with an operating profit of about 6.2 trillion won ($ 5.5 billion), according to a statement. Samsung provides these figures only at the beginning of each quarter, issuing a more detailed breakdown later in the month.

In the last quarter, Samsung said that the Galaxy S10 was expected to help "improve" performance, although it was only available for a few weeks in this three-month period. The company has said it expects smartphone sales to be essentially flat throughout 2019, which affects its ability to sell components such as OLED displays and its own Galaxy phones. Meanwhile, the demand in your lucrative business is not likely to pick up until the second half of the year.

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