Samsung's operating income fell 60% 6.2 trillion won ($5.5 billion) in the quarter ending in March, which was worse than the 56 percent drop analysts expected.
In a media release the company shared on April 5th, Samsung estimated consolidated sales of approximately 52 trillion Korean Won (KRW), or about $61.2 billion CAD. This was the company's biggest decline since the third quarter of 2014.
Samsung last week predicted that its first-quarter earnings would fall below market expectations because of a larger-than-expected decline in chip prices and weak demand for display panels. He also expects that 5G will change the gaming industry as it helps to stream games with minimal delay to be played on smartphones. As of 9:38 a.m. Friday, shares of Samsung Electronics are trading 0.2 percent lower at 46,850 won apiece.
They switched on the 5G network for a select group of customers Wednesday, making South Korea the world's first nation to roll out the commercial 5G service.
5G Gets Real as Samsung, Verizon Gear Up for New Phone Launch
Rival manufacturer LG is due to launch its V50 ThinQ, another 5G phone, in the South later this month, while in the US, Verizon's network works with Lenovo's Moto Z3 smartphone fitted with a special accessory.
The company is to release its full earnings report in a couple of weeks, on April 30.
The nation's three mobile carriers - SK Telecom Co., KT Corp. and LG Uplus Corp. - started official registration of Samsung's smartphone. Starting with the ill-fated Galaxy Note 7, however, it started launching the phablet on its own.
It took another hit after the bribery conviction of Lee Jae-yong - the son and heir of the group's ailing current chairman Lee Kun-hee. Its semiconductor business is the main profit driver.
Teen tells police he’s missing boy Timmothy Pitzen, last seen in 2011
Their adventure started after Amy Fry-Pitzen checked her 6-year-old son out of an IL elementary school on May 11, 2011. Newport Police Chief Tom Collins identified him to ABC as Brian Rini of Medina, Ohio, a 23-year-old ex-convict.