Samsung's Profit Drops 95%, Worst Quarterly Earnings In 14 Years
NDTV
Samsung Electronics -- one of the world's largest makers of memory chips and smartphones -- said in a statement that operating profit fell 640 billion won ($478.6 million) -- down 95 percent from a year earlier.
Samsung Electronics on Thursday reported its worst quarterly profits in 14 years, blaming slowing consumer spending on electronics and a global microchip glut that hit its core memory business.
The South Korean company -- one of the world's largest makers of memory chips and smartphones -- said in a statement that operating profit fell 640 billion won ($478.6 million) -- down 95 percent from a year earlier.
The company's first-quarter net income fell 86.1 percent to 1.57 trillion won, and sales dropped 18 percent to 63.75 trillion won.
The company said that "overall consumer spending slowed amid the uncertain global macroeconomic environment".
