Financial news

Samsung’s 1Q profit slides on falling chip prices

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Via AP Business

SEOUL, South Korea (AP) — Samsung Electronics Co. says 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 on Tuesday 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 says its 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, which has dual strength in parts and finished products, is the world’s biggest maker of memory chips and smartphones.

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