Samsung's 4th-Quarter Profit Hits 8-Year Low

From CNET: Samsung's fourth-quarter profit was the lowest the company has seen in eight years, as the global economic downturn continues to weigh on consumer demand for PCs and phones.

The Korean electronics giant reported Monday that its operating profit for the three-month period ended Dec. 31 came in at 4.31 trillion won ($3.5 billion), a drop of 69% compared with the same period last year, when the company notched a record fourth-quarter profit. This represents Samsung's lowest quarterly profit since the third quarter of 2014, when it logged 4 trillion won.

The company's revenue in the quarter also declined, falling nearly 8% to 70.46 trillion won ($57.2 billion).

Samsung, best known for its phones and TVs, also dominates the market for memory chips, a key cash driver for the company. During the pandemic, Samsung's chip business got a boost from data centers that rely on the technology to store everything we're doing online.

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