SEOUL (Reuters) – Samsung Electronics Co Ltd reported a likely 96% plunge in first-quarter operating profit on Friday, worse than analysts had forecast, as a chip glut worsened and buyers slowed purchases amid a global economic slowdown.
The world’s largest memory chip and TV maker estimated its operating profit fell to 600 billion won ($455.50 million) in January-March, from 14.12 trillion won a year earlier in a short preliminary earnings statement.
($1 = 1,317.2300 won)
(Reporting by Joyce Lee and Heekyong Yang; Editing by Jamie Freed)