Samsung Electronics on Tuesday said it is on track to post its second straight quarter of profit decline, as slowing smartphone sales growth continued to weigh on earnings. The South Korean tech giant estimated that its January-March operating profit fell by 4.3 percent to 8.4 trillion won, slightly below an average forecast of 8.5 trillion won by 40 analysts polled by Thomson Reuters I/B/E/S.
Samsung Electronics on Tuesday warned that it would post a drop in operating profit during the first quarter of 2014. The largest smartphone maker said consolidated operating profit would be an estimated 8.4 trillion Korean won ($7.9 billion), down 4.3 percent from 8.78 trillion won a year earlier. It said consolidated sales would be about 53 trillion won, up slightly from 52.87 trillion won in the first quarter of 2013. Both figures are median values for ranges it provided. The manufacturer noted in a release that South Korean regulations do not allow earnings guidance to be stated in a range. It did not provide any figures for its smartphone business.