Samsung sees 60% fall in profits
Samsung released guidance for its Q1 2019 earnings report and estimates an operating profit of $5.5 billion, which is less than half of the $14.4 billion profit it recorded in the same period last year.
The Korean tech giant expects a dramatic tumble in Q1 operating profit, stock tumbles 0.2% in South Korea
Stocks impacted: Samsung Electronics Co (BC94)
In its warning, the company cited declines in prices for memory chips, and lower demand for screens like the OLED display it makes for Apple's iPhone. The technology giant expects revenue to decrease 14% to 52 trillion won for the quarter ended March 31. The company's expected operating profit would mark its lowest since the third quarter of 2016. The company reports its final results later this month. After the announcement, the company’s shares declined marginally. The stocks, though, have risen 22% in 2019.
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