Samsung Electronics estimates Q1 operating profit of nearly $8 billionUpdated: 2014-04-08 14:27:02 KST
Just shy of eight billion U.S. dollars.
That's how much operating profit Samsung Electronics banked in the first three months of the year and while the figure is high, the Korean firm may not be pleased.
Released Tuesday in a provisional report from Samsung, the total is up just one.one percent from the previous quarter, but represents a 4.3 percent drop from the same period last year.
Samsung Electronics also saw its sales tumble nearly 11 percent from the fourth quarter of last year to 50.2-billion U.S. dollars due to market saturation and new iPhone releases from Apple.
To counter, Samsung has slashed prices of its Galaxy-range of smartphones.
The fresh news comes on the heels of a sharp cut in earnings in the fourth quarter of last year, when operating profits dipped 18 percent and sales fell nearly 8 percent from the previous quarter.
Also looming are the damages Samsung is scheduled to pay out due to its patent disputes with Apple,.. including one totaling around 290-million U.S. dollars.
But analysts in Seoul say the Korean tech giant's performance in the second quarter will improve to 9.3-trillion Korean won or 8.8-billion U.S. dollars.
Lee Min-hee, an analyst from I'm Investment and Securities attribute the jump to increased sales of the OLED displays with the release of the new Galaxy-S-5 smartphone worldwide.
With the release, shares of Samsung closed at .won or U.S. dollars as of Tuesday, which
Kim Ji-yeon, Arirang News.
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