Samsung posts lowest quarterly profit in 14 years
South Korean tech giant Samsung posted its lowest quarterly profit in 14 years as a global decline in microchip demand dampened sales and profits.
The company said on Thursday that its operating profit was down 95% from a year earlier. It also reported an 87.4% drop in net income for the first quarter of 2023 compared to the same quarter last year.
Samsung’s chip division posted its first operating loss since 2009, when the world was dealing with the aftermath of the 2008 financial crisis. The Korean giant’s chip production posted losses of 4.58 trillion won (approximately €3 billion) .
Source: DW
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