Samsung’s quarterly profits have plunged to their lowest level in eight years
as customers snapped up fewer cell phones and laptops. The tech giant reported operating profit of 4.3 trillion Korean won on Tuesday for the three months ended December, down 69% from a year ago. Revenue fell 8% to just under 70.5 trillion won , it said in a statement. It was the company’s weakest quarterly profit since the third quarter of 2014, when its smartphone business lost serious ground to competitors.
In a presentation to investors, the electronics maker confirmed that “mobile and PC demand was weak,” and its memory chip business had also suffered “as customers continued to adjust their inventories amid deepening uncertainties.” Samsung expects some of those problems to continue in the coming months due to global economic uncertainty, though it anticipates overall demand to start recovering in the second half of the year.
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