On Thursday, Samsung Electronics Co. Ltd. revealed a 95% drop in first-quarter earnings as it struggles with a severe worldwide decline in semiconductor demand that has driven down prices.
The operational profit for the January-March quarter decreased from 14.12 trillion won a year earlier to 640 billion won ($478.6 million), according to the world's largest manufacturer of memory chips and smartphones as of 2022.
That was in line with the 600 billion won projection made by the firm itself earlier this month.
To 63.7 trillion won, revenue dropped 18%.
($1 = 1,337.3800 won)