Samsung’s Fourth-Quarter Earnings Plummet Amid Global Chip Downturn

(Nikkei Asia) — Samsung Electronics Co. Ltd. said Tuesday that operating profit plunged in the fourth quarter of last year, as global economic headwinds snuffed out demand for semiconductors and smartphones — the company’s two key revenue sources.

The South Korean tech company said that its operating profit came in at 4.3 trillion won ($3.5 billion) for the three months through December, a decline of 69% from the same period the year before and the worst result since the third quarter of 2014.