Samsung's Q1 Operating Profit Plummets Due to Weak Demand for Memory Chips

Samsung's operating profit for the first quarter has fallen significantly due to declining demand for memory chips and falling prices. The company's revenue was on par with its own guidance but below analysts' expectations. The electronics manufacturer made a profit of 640 billion Korean won (roughly $478.55 million), down from 14.12 trillion won ($10.4 billion) a year earlier. Samsung is the world's largest manufacturer of memory chips, and the drop in demand for personal computers has led to a decline in prices. Smartphone and PC makers are now struggling with excess inventories due to rising inflation and reduced consumer demand.