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Samsung’s chip profits dropped by 90 percent in Q4.

The Korean electronics giant still recorded over $3.49 billion in operating profit, but as Reuters notes, that’s its lowest quarterly profit since 2014.

As indicated by recent results and some dire guidance, it’s mostly tied to a sharp plunge in memory chip prices that slashed profit in the chip division to just $220 million. However, Samsung also reported weak demand for smartphones in Q4 — putting even more emphasis on this week’s Galaxy S23 launch event.