Samsung warned the world earlier this month
Its earnings report for the first quarter of 2023 is going to be bad.
Now the reports are in, and oh boy, is it a disaster.
Profits are officially down an astonishing 95 percent in the first quarter of 2023.
The company made a profit of 14.12 trillion Korean won ($10.7 billion) in the first quarter of 2022,
Samsung is famous for its smartphones, TVs and appliances,
But most of the company's business is in components such as chips and displays.
In 2022, the profit of the memory division was 55 percent, mobile 22 percent and display 11 percent.
That company-leading memory division is exactly what tanked this quarter,