Samsung says Galaxy S10 sold better than the company’s plummeting profit suggests

Samsung Electronics warned investors it was going to make a lot less money this quarter, and sure enough, the company just reported first-quarter earnings that show profits slid 60 percent compared to last year, from 15.64 trillion won (roughly $13.4 billion) to just 6.2 trillion won (about $5.3 billion).

But unlike Google earlier today, the company’s not blaming its expensive phones for anything whatsoever — Samsung says the Galaxy S10 lineup actually sold well, with the company shipping 78 million phones (as well as 5 million tablets) in the quarter. It’s expecting to ship slightly more phones next quarter, too.

Instead, the stated reasons for the decline are primarily the same as last quarter: falling demand for memory chips, which…

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