Hong Kong (CNN Business) Samsung is feeling the chill from cooling global demand for smartphones.

The South Korean technology giant said Friday that it expects operating profit for the first quarter to plunge by 60% compared to the same period year ago.

Samsung SSNLF warned last week that its earnings would be hit by slowing demand for memory chips and display panels, a sign that device makers and their suppliers are coming under pressure.

The company estimated Friday that operating profit for the first three months of 2019 will total 6.2 trillion Korean won ($5.4 billion), lower than analysts' already downbeat expectations.

It expects to report a sales decline of roughly 14% when full earnings are published later in April.

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