SEOUL (Reuters) – Samsung Electronics Co Ltd reported a 95% plunge in first-quarter profit on Thursday as it grapples with a sharp global downturn in semiconductor demand that has sent prices plummeting.
The world’s top maker of memory chips and smartphones as of 2022 said operating profit fell to 640 billion won ($478.6 million) for the January-March quarter, from 14.12 trillion won a year earlier.
That was in line with the company’s own estimate of 600 billion won earlier this month.
Revenue fell 18% to 63.7 trillion won.
($1 = 1,337.3800 won)
(Reporting by Joyce Lee & Heekyong Yang; Editing by Jacqueline Wong and Stephen Coates)
