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CNN

Samsung’s quarterly profit fell to an eight-year low as customers snapped up fewer cellphones and laptops.

The tech giant’s net profit for the three months ended Dec. 12 was 4.3 trillion Korean won ($3.5 billion), down 69 percent from a year earlier. In the statement, revenue was down 8 percent.

It was the company’s weakest quarterly profit. Since the third quarter of 2014, the smartphone business has lost serious ground to its competitors.

“Due to weak demand in the fourth quarter, the business environment has deteriorated significantly,” Samsung said in a statement.

The dire results are expected. Samsung ( SSNLF ) underperformed pre-earnings forecasts earlier this month, with analysts citing falling memory chip prices and fewer orders for consumer devices.

In a presentation to investors, the electronics maker said “mobile and PC demand is weak” and its memory chip business has been hurt “as customers continue to adjust their inventory amid deepening uncertainty.”

Samsung expects overall demand to begin to recover in the second half of the year, but expects some problems to continue in the coming months due to global economic uncertainty.

Smartphone demand is likely to slip again this quarter compared to the same period a year ago, he said, “due to the economic slowdown in key regions.”

Samsung shares fell 3 percent Tuesday in Seoul.

There were some bright spots. Samsung in 2010 It said it expects full-year revenue of 302.2 trillion won ($245.7 billion) in 2022, up from 279.6 trillion won ($227.4 billion) in 2021, a record high.

Analysts, however, expect the company’s profits to decline again this quarter due to the continued decline in memory chip prices.

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