SEOUL: Samsung Electronics on Thursday reported its worst quarterly profits in 14 years, blaming slowing consumer spending on electronics and a global microchip glut that hit its core memory business.
The South Korean company — one of the world’s largest makers of memory chips and smartphones — said in a statement that operating profit fell 640 billion won ($478.6 million) — down 95 percent from a year earlier.
The company’s first-quarter net income fell 86.1 percent to 1.57 trillion won, and sales dropped 18 percent to 63.75 trillion…
