Even the Galaxy S10 couldn’t save Samsung from a 60% drop in profits last quarter

When Samsung issued its guidance earlier this month, it predicted a decline in operating income by a whopping 60 percent, the company’s biggest decline since a similar drop in the third quarter of 2014. Now that the Q1 2019 earnings are out, the financials aren’t looking all that rosy. Citing declines in prices for memory chips, and lower demand for screens like the OLED display it makes for Apple’s iPhone, Samsung reported profits of 6.2 trillion won (about $5.3 billion), down from 15.64 trillion won (about $13.4 billion) last year. “First quarter earnings were weighed down by the weakness in…

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BY Ravie Lakshmanan