Samsung Electronics says quarter one profit likely fell 60 percent year-on-year

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Samsung Electronics says quarter one profit likely fell 60 percent year-on-year

FILE PHOTO: Attendees at Samsung Electronics Co Ltd’s Unpacked event test out the company’s new devices in San Francisco, California, U.S., February 20, 2019 REUTERS/Stephen Nellis/File Photo

SEOUL (Reuters) – South Korea’s Samsung Electronics Co Ltd said on Friday its first-quarter operating profit likely slid 60 percent from a year earlier, missing analysts’ estimates.

The world’s biggest maker of smartphones and memory chips had warned the quarter would likely be disappointing due to falls in chip prices and slowing demand for display panels.

Samsung in a regulatory filing said January-March profit was likely 6.2 trillion won ($5.5 billion), below the 6.8 trillion won estimate from analysts according to Refinitiv SmartEstimate.

SmartEstimates gives more weight to recent estimates by analysts who are more consistently accurate.

Revenue likely fell 14 percent from a year earlier to 52 trillion won.

The firm will disclose detailed earnings in late April.

Reporting by Ju-min Park and Heekyong Yang; Editing by Stephen Coates