Samsung Electronics first-quarter profit falls 60 percent on-year as weak chip prices bite

SEOUL (Reuters) - Samsung Electronics Co Ltd posted a 60 percent drop in first-quarter operating profit on Tuesday, hit by falls in chip prices and slowing demand for display panels.

Operating profit was 6.2 trillion won (4.9 billion pounds) in the January-March quarter, in line with the 6.2 trillion won the company had estimated earlier this month.

Revenue fell 13.5 percent to 52.4 trillion won, also in line with its earlier estimate.

(Reporting by Ju-min Park; Editing by Stephen Coates)