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Samsung Electronics Reports 95 Percent Plunge in First-Quarter Profit

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Last Updated: April 27, 2023, 06:15 IST

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. (File Photo)

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. (File Photo)

That was in line with the company’s own estimate of 600 billion won earlier this month

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)

Read all the Latest Tech News here

(This story has not been edited by News18 staff and is published from a syndicated news agency feed)

Rohit
Rohit is a News18.com journalist with a passion for world affairs and a love for football. Follow him on Twitter at @heis_rohit…Read More

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