Samsung Electronics warned of weaker earnings for the year ahead as it posted a 29 percent drop in fourth-quarter operating profit on Thursday, hit by slowing demand for memory chips. Operating profit was 10.8 trillion won ($9.7 billion) in the fourth quarter, in line with its estimates earlier this month. Revenue fell 10 percent, to 59.3 trillion won. The company’s chips power the smartphones of most major manufacturers, including Apple and Huawei, the market leader in China. Samsung’s memory and processor chips account for over 70 percent of its profit.

Source: New York Times January 31, 2019 02:26 UTC