Samsung profits fall amid weaker microchip demand

Profits at South Korean tech giant Samsung have plunged to an eightyear low as a glut in semiconductor supply weakens global demand for microchips.

The Seoul-headquartered technology giant’s profits fell by 69pc in the three months ending in December as a saturated market for semiconductors hit sales.

Samsung, which also produces displays and consumer gadgets including smartphones and TVS, said market conditions had “deteriorated significantly” due to the “global economic slowdown”.

Its memory chip business struggled as the price of them plunged, while its mobile business “declined amid weak demand”.