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Samsung Electronics posts 86.1 percent drop in net profits for Q1
Samsung Electronics posts 86.1 percent drop in net profits for Q1
Agence France-Presse
Published Apr 27, 2023 08:18 AM PHT
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Updated Apr 27, 2023 09:02 AM PHT
A man stands next to an advertisement banner of Samsung at the company's headquarters shop in Seoul, South Korea, 06 January, 2023. EPA-EFE/JEON HEON-KYUN/FILE
SEOUL — South Korea's Samsung Electronics said Thursday its net profits had dropped 86.1 percent in the first quarter of 2023, blaming slowing consumer spending due to uncertainty over the global economy.
The company said in a statement that net profit dropped to 1.57 trillion won from 11.32 trillion won in the same period a year earlier, "as overall consumer spending slowed amid the uncertain global macroeconomic environment".
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