Samsung quarterly profit in the fourth quarter of last year fell by 69%

Samsung's fourth quarter earningsquarter last year decreased by 69%, to $3.4 billion according to forecasts. The company's revenue decreased by 9% and will amount to $ 55 billion at the end of the quarter. It is stated that the results on profit will be the worst for the entire period from the third quarter of 2014. The record drop in profits is due to the weakening global economy, which, in turn, led to a drop in demand for chips, the income from which forms the main profit of the company, as well as a significant reduction in demand for smartphones. At the same time, Samsung does not intend to abandon its plans to increase its share in semiconductor production and will continue to actively invest in this area. Last December, Samsung announced its intention to expand production at one of its factories in Pyeongtaek, South Korea.