Samsung Electronics Co. said Tuesday its operating profit for the last quarter declined more than 60% from a year earlier because of falling chip prices and sluggish demands for its display panels. The South Korean technology giant said its operating profit for the January-March period came in at 6.2 trillion won ($5.2 billion), which was similar to an estimate it announced earlier this month. Samsung's revenue for the quarter was measured at 52.4 trillion won ($45 billion), which represented a 13.5% drop from the same period last year. Samsung predicted price declines to continue with memory chips in the second quarter despite expectations for modest improvement in demands driven by mobile products. Samsung, which has dual strength in parts and finished products, is the world's biggest maker of memory chips and smartphones.

Source: ABC News April 30, 2019 02:16 UTC