April 26, 2023

South Korean electronics giant Samsung’s operating profit plunged in the first quarter as prices for its memory chips continued to fall and demand remained weak.

Here are Samsung’s earnings at a glance in the first quarter: 

Revenue: 63.75 trillion Korean won (about $47.6 billion). That is on par with Samsung’s own guidance of approximately 63 trillion Korean won but below the 63.9 trillion won expected by analysts, according to Refinitiv consensus estimates.

Operating profit: 640 billion Korean won (roughly $478.55 million), down from 14.12 trillion won a year earlier. The company issued guidance earlier this month saying Q1 profit would be 600 billion Korean won.

Read more: