Samsung posts worst quarterly profit in 14 years
STORY: Samsung reported its smallest profit for any quarter in 14 years on Thursday (April 27).
The South Korean firm said operating profit fell to just under $479 million for the January-March period.
That was down 95% from a year earlier.
Samsung's semiconductor business was a key drag on the firm, reporting a $3.4 billion loss.
Chip prices plunged during the period due to a global economic slowdown and lower corporate spending.
But the world's largest chipmaker was still positive about the year ahead.
It said customers would start buying chips again in the second half of the year.
Shoppers around the world have cut back on purchases due to surging inflation.
It means smartphone, personal computer and server companies have run down inventories.
And that has caused chip prices to drop by about 70% over the previous nine months.
Samsung's mobile business was a bright spot.
It reported $2.9 billion profit in the first quarter, up from a year earlier.