The company estimates that the 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.
Samsung is the world's largest seller of smartphones. But it also has a huge business making key components for rival handset manufacturers.
The global smartphone market shrank more than 4% in 201
Samsung's stock was little changed in Seoul trading on Friday, as investors were largely predicted the earnings slump.
Some analysts think that the downturn in earnings could be short-lived.
Investment research firm Fitch Ratings pointed out that demand for advanced chips has been rising in areas like automotive and industrial sectors, with Samsung well-positioned to benefit.
"We believe that Samsung's results are likely to recover towards the end of this year," Fitch analyst Shelley Jang wrote in a note to customers on Friday.
Sherisse Pham contributed to this report.