Samsung Forecasts Worst Profit in Over a Decade as Tech Slump Hits Memory Chips

SEOUL—Samsung Electronics Co. said it expects a steep fall in its first-quarter profit, dropping to levels last seen during the financial crisis as an extended slump in the tech sector hits its memory-chip business hard.

Samsung said Friday that its operating profit for the January-March quarter was expected to have dropped by around 95.8% from the prior year to 600 billion won, or roughly $455 million, in what would be the smallest quarterly operating profit since 2009. Revenue for the three-month period is expected to drop by 19% from a year earlier to 63 trillion won.