Samsung Predicts Q1 Profit Drop
The tech giant predicts first quarter (Q1) sales will fall by around 6 trillion Won, to 53 trillion Won, according to company estimates, released today.
Q1 2014 operating profit is set to fall over 4% to 8.4 trillion Won, or US$7.96 billion.
It will be the second time the tech giant has posted a profit decline in ten quarters.
In Q4, Samsung reported sales of 59 trillion Won, and lower operating profits, compared to a year prior.
The slump is likely due to the increasing pressure the world’s largest phone maker is under from cheaper smartphones, and slower growth in the smartphone market.
The Korean giant unveiled its next flagship, Galaxy S5 just days ago, although company execs seemed more at ease with its position a the top of the smartphone pile, at the Sydney launch.
The new Galaxy hero is waterproof, has a fingerprint scanner, better battery, and tap and pay mobile payments. It also released three new wearable Gear watches and fitness bands, seen as the next big thing in mobile technology.
Samsung will announce its full financial results later this month.