Samsung Electronics warns profit will plunge 60%

South Korea Plans to Bring 5G services Before China and the USA

"Samsung is going through the toughest period of time before demand likely picks up again in the bottom half of the year", Song Myung-sup, an analyst at HI Investment & Securities Co., told Bloomberg.

Credit: ShutterstockSamsung today in its Q1 2019 earnings reported its lowest operating profits in the past five years, primarily due to a rapid decline in memory chip prices, as well as slowing smartphone sales.

The company said revenue likely fell 14% to 52 trillion won ($45.8 billion), but didn't provide a detailed account of the estimated performances of each business division. It is also a decline of 42.6% from the previous quarter.

Samsung supplies memory chips and screens for its own smartphones and Apple Inc, and server chips for cloud companies such as Amazon.

With the rollout, Samsung and Verizon can claim marketing victories in a battle to gain 5G leadership.

The company also estimated a consolidated operating profit of approximately 6.2 trillion KRW (roughly $7.3 billion CAD).

South Korea Plans to Bring 5G services Before China and the USA

Samsung Electronics once had a 20 percent market share of China's smartphone market but has seen that tumble to less than one percent.

Samsung's first 5G phone will launch in Korea on Friday, with prices starting at around $1,231 for the 256GB version, but you won't have to wait too long to get one in the U.S., as the Verizon version is rumored to launch in mid-May.

The news comes as the Korean giant accelerates its 5G-smartphone launch, coupled with its recently released 8K TV range.

The 50-year-old scion was a key figure in the scandal that ousted former South Korean president Park Geun-hye following nationwide street protests, and was sentenced to five years in jail.

The downturn in the global memory semiconductor market is the main cause, which was further exacerbated by declining prices of display panels.

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