Samsung Elec says first quarter profit likely fell 60 percent year on year

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.

Add Zee Business as a Preferred Source

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.

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)