Earnings

Q1 profit plunges amid weak memory chip demand

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Samsung at the Mobile World Congress 2023 on March 2, 2023, in Barcelona, Spain. (Photo by Joan Cros/NurPhoto via Getty Images)

Joan Cros | Nurphoto | Getty Images

South Korean electronics giant Samsung’s operating profit plunged in the first quarter as prices for its memory chips continued to fall and demand remained weak.

Here are Samsung’s earnings at a glance in the first quarter: 

Revenue: 63.75 trillion Korean won (about $47.6 billion), down 18% year-on-year. That is on par with Samsung’s own guidance of approximately 63 trillion Korean won but below the 63.9 trillion won expected by analysts, according to Refinitiv consensus estimates.

Operating profit: 640 billion Korean won (roughly…



Source cnbc.com

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