Samsung seeing its lowest quarterly profit with 60% drop

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Samsung is warning that its headed for its lowest quarterly profit in more than two years.

Samsung said on Friday that it expects profit for the first quarter to likely drop 60 percent compared to last year. 

The company says they are seeing prices fall for its memory chips, slowing sales for displays and rising competition in smartphones.

According to CNN, a number of reasons, such as more competition in the market, users replacing their phones less often, and a noticeable increase in phone prices, could factor into the industry’s profit decline. 

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