Samsung expects quarterly profit to plummet 60 percent compared to a year ago

Things are not going well in Samsung-land.

Ahead of its earnings report later this month, the South Korean electronics giant shared earnings guidance for operating profit in the first quarter of 2019 — and it doesn't look good.

Samsung says it expects operating profit for the quarter to total 6.2 trillion Korean won ($5.5 billion) — a 60 percent drop compared to the 15.64 trillion won ($13.75 billion) profit it raked in during the same period in 2018.

SEE ALSO: Samsung Galaxy S10 5G could hit stores next month

Samsung says a number of reasons contributed to its reduced profit, including decreased demand for memory chips for data centers from Amazon and fewer orders for storage chips for iPhones from Apple. Read more...