Samsung Electronics stated Friday that it anticipates operating profit to plummet 95.8% to 600 billion won ($455 million) in the three months to March compared with the same period a year ago.
“Memory demand dropped sharply... due to the macroeconomic situation and slowing customer purchasing sentiment, as many customers continue to adjust their inventories for financial purposes,” the company said in a statement.
Moreover, revenue is expected to fall 19% to 63 trillion won ($48 billion) during the same period. Samsung will release full earnings data, including net profit, later this month.
