Samsung Electronics blames its worst quarterly earnings in 14 years on ‘slowed down overall consumer spending amid the uncertain global macroeconomic environment’. – AFP pic, April 27, 2023.
SAMSUNG Electronics today 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 – down 95% from a year earlier.
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