Samsung Electronics logs worst quarterly earnings in 14 years

SAMSUNG Electronics today reported its worst quarterly profits in 14 years, blaming slowing consumer spending on electronics and a global microchip glut that hit its core memory business.

The South Korean company – one of the world’s largest makers of memory chips and smartphones – said in a statement that operating profit fell ₩640 billion (RM2.13 billion) ­– down 95% from a year earlier.