Photo taken on Nov. 13, 2021 shows the view of the Samsung store on Oxford Street in London, Britain. (Photo by Tim Ireland/Xinhua)
The double-digit fall in its operating profit came as overall consumer spending slowed amid the uncertain global economic environment, Samsung said.
SEOUL, April 28 (Xinhua) -- Samsung Electronics, South Korea's tech giant, recorded a double-digit drop in operating profit in the first quarter due to a huge loss in its semiconductor business, the company said on Thursday.
Consolidated operating profit tumbled 95.5 percent over the year to 640.2 billion won (477.8 million U.S. dollars) in the January-March quarter, falling below 1 trillion won (746.3 million dollars) for the first time in 14 years.
Revenue retreated 18.1 percent to 63.75 trillion won (47.6 billion dollars), and net income plummeted 86.1 percent to 1.58 trillion won (1.2 billion dollars) in the first quarter.
The double-digit fall came as overall consumer spending slowed amid the uncertain global economic environment, Samsung said.
Commuters walk in front of a Samsung mobile store in Kolkata, India, on July 10, 2018. (Xinhua/Tumpa Mondal)
Samsung's chip-making unit posted an operating loss of 4.58 trillion won (3.4 billion dollars) on revenue of 13.73 trillion won (10.2 billion dollars) in the first quarter.
The continued inventory adjustment in the memory chip sector led to a sharp decrease in product prices amid the global economic slowdown.
The display business logged an operating profit of 780 billion won (582.1 million dollars) on revenue of 6.61 trillion won (4.9 billion dollars) for the first quarter.
The mobile device and networks unit recorded an operating profit of 3.94 trillion won (2.9 billion dollars) on revenue of 31.82 trillion won (23.7 billion dollars) thanks to strong sales of the newly launched Galaxy S23 series.
Due to lower global demand, the TV and home appliances division registered an operating profit of 190 billion won (141.8 million dollars) and a revenue of 14.08 trillion won (10.5 billion dollars). ■
