INSUBCONTINENT EXCLUSIVE:
Image copyrightGetty ImagesSamsung Electronics expects to post a 29% drop in quarterly operating profit as demand for smartphones and memory
The firm forecasts operating earnings of 10.8 trillion Korean won ($9.7bn; £7.6bn) for the last three months of 2018
It marks the first quarterly profit drop in two years as strong demand for chips had boosted earnings at the firm.Samsung also faces fierce
competition from Apple and Chinese rivals.In a statement on Tuesday, the firm cited lacklustre demand and rising competition for its
"We expect earnings to remain subdued in the first quarter of 2019 due to difficult conditions for the memory business," the South Korean
tech giant said in a statement
It forecasts revenue will decline 11% to 59 trillion won
Samsung will provide detailed earnings later this month
The firm had seen earnings surge in recent years largely due to strong appetite for memory chips in mobile devices
Slowing demand, including from China, is weighing on the wider sector
Last week, Apple warned that its sales have been slowing, blaming economic weakness in China.
