Samsung Electronics logs worst quarterly earnings in 14 years

Samsung Electronics, the South Korean tech giant, has reported its worst quarterly earnings in 14 years. The company's net profit for the first quarter of 2019 was 5.04 trillion won ($4.4 billion), down 60% from the same period last year.

The decline in profits was largely due to a drop in demand for memory chips, which account for a significant portion of Samsung's revenue. The company's chip division saw its operating profit fall by 64% compared to last year.

In addition to the drop in demand for memory chips, Samsung also faced increased competition in the smartphone market. The company's mobile division saw its operating profit fall by 40% compared to last year.

Despite the disappointing earnings report, Samsung remains optimistic about the future. The company expects demand for memory chips to pick up in the second half of the year, and it plans to launch new smartphones in the coming months.

Overall, Samsung's poor quarterly earnings serve as a reminder of the volatility of the tech industry. Even the largest and most successful companies can experience significant setbacks due to changes in market demand and increased competition.

https://www.lifetechnology.com/blogs/life-technology-technology-news/samsung-electronics-logs-worst-quarterly-earnings-in-14-years

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