4 things to know about Samsung Electronics' worst quarter in fourteen years

The flagship subsidiary of Samsung Group cites slowing consumer spending and microchip oversupply as reasons for the disappointing figures

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Samsung Electronics, one of the world's largest memory chip and smartphone manufacturers, reported its worst quarterly profits in fourteen years.

Here are four key points about the company’s Q1 2023 earnings:

• Operating profit plummeted 95 percent year on year to 640 billion South Korean won ($478.6 million).

• Net income decreased by 86.1 percent to 1.57 trillion won, while sales decreased by 18 percent to 63.75 trillion won.

• The company blamed the drop on slower consumer spending on electronics and weaker demand for memory chips, which typically account for around half of its profits.

• Its chip division reported 4.58 trillion won in losses (its first operational loss since 2009, when the global economy was recovering from the 2008 financial crisis).