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Samsung Electronics recorded a 60% drop in operating profit in the first quarter on Tuesday, penalized by falling chip prices and the slowing demand for display screens.
Operating profit was 6.2 billion won ($ 5.4 billion) in the quarter from January to March, which equates to 6.2 billion won Company had estimated at the beginning of the month.
Revenues fell 13.5% to 52.4 billion won, which is also in line with previous estimates.
Samsung's semiconductor business segment recorded a 7.4% decline in operating profit to 4.1 billion won, while the display sector recorded a loss of 560 billion won.
The world's largest smartphone maker said its mobile phone business had shrunk by 1.5 percent to 2.3 trillion won.
The South Korean tech giant hopes to reconnect with the disappointing growth of its mobile business with its latest phone featuring a large curved screen.
But in the wake of its renewed innovation, Samsung has delayed global sales of its next foldable phone after several critics have discovered display problems.
Memory chip makers, including Samsung, have been hit by the weak global smartphone market and the slump in server demand amid a broader economic downturn.
SK Hynix, Samsung's smallest rival, announced last week its thinnest quarterly operating profit in the past two years.
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