Samsung Electronics reports 95% plunge in first-quarter profit

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The world’s top maker of memory chips and smartphones as of 2022 said operating profit fell to 640 billion won ($478.6 million) for the January-March quarter, from 14.12 trillion won a year earlier.

That was in line with the company’s own estimate of 600 billion won earlier this month.

Revenue fell 18% to 63.7 trillion won.

($1 = 1,337.3800 won)