Samsung posts worst quarterly result in 14 years

The company’s operating profit decreased 95% from last year

A SAMSUNG electronics from South Korea announced on Thursday 27, an 86% decline in net income for the first quarter, to 1.57 billion won ($1.17 million), the worst partial result in 14 years.

Operating profit at the company, one of the world’s largest manufacturers of smartphones and memory chips, also fell 95 percent year-over-year.

The company attributed this to “slowing global consumer spending amid an uncertain global macroeconomic environment” and declining demand for memory chips.

It is the third consecutive quarter that the main subsidiary of the South Korean giant Samsung reports a decline in profits./AFP

Source: Terra

Rose

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