Glut in memory chip market hits profits, affect Samaung sales

The slowdown in consumer electronics purchases and a global microprocessor glut, which hurt Samsung Electronics' main memory business, were cited as reasons for the company's worst quarterly profits in 14 years on Thursday. In a statement, the South Korean firm, which is among the biggest manufacturers of memory chips and cellphones worldwide, reported a 95 percent decrease in operating profit to 640 billion won ($478.6 million).