Samsung Electronics’ Q4 profit falls 69% as device demand drops By Reuters

SEOUL (Reuters) – South Korea’s Samsung Electronics (OTC:) Co Ltd reported a 69% plunge in fourth-quarter profit on Tuesday, as consumer demand for electronic devices dropped and clients tightened their belts on a weak economy, dragging down memory chip prices.

The world’s biggest maker of memory chips and smartphones said October-December operating profit fell to 4.3 trillion won ($3.49 billion), its lowest quarterly profit in eight years, from 13.87 trillion won a year earlier.

That compared with the company’s own estimate of 4.3 trillion won earlier this month.

Revenue fell 8% to 70.5 trillion won.

($1 = 1,232.6000 won)