Samsung warns first quarter profits fell by 60 percent

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Fridays number also missed analysts estimate of 6. The company had already issued an unprecedented warning last week that its earnings would be lower than market expectations. total sales are expected to come in at 52 trillion won. earnings reported its lowest operating profits in the past five years as well as slowing smartphone sales. Samsung said it received fewer orders from cloud service providers which has recently seen a slowdown of its own smartphone sales. Samsung supplies memory chips and screens for its own smartphones and Apple Inc and server chips for cloud companies such as Amazon. 8 trillion won estimate from analysts according to Refinitiv SmartEstimate. AFP SEOULThe worlds biggest smartphone and memorychip maker Samsung Electronics Co yesterday warned of a more than 60 percent plunge in first quarter operating profit in the face of weakening markets. Operating profit for the first quarter would be approximately 6. The companys earnings estimate was below analyst forecasts of 6

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