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The South Korean technology giant said Friday that it expects operating profit for the first quarter to plunge by 60% compared to the same period year ago. Samsung warned last week that its earnings would be hit by slowing demand for memory chips and display panels, a sign that device makers and their suppliers are coming under pressure.The company estimated Friday that operating profit for the first three months of 2019 will total 6.
The global market for smartphones shrank more than 4% in 2018 and could contract again this year, according to market research firm IDC. China, the world's biggest market for the devices, has been particularly weak. Apple stunned global markets in January when it said iPhone sales would come in lower than expected.
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