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

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

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)

This story has not been edited by Firstpost staff and is generated by auto-feed.

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Updated Date: Apr 05, 2019 06:05:13 IST

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