SEOUL, South Korea (AP) — Samsung Electronics stated Tuesday its fourth-quarter revenue plunged almost 70%.

The corporate’s KRW 4.3 trillion ($3.5 billion) working revenue for the three months to December was down 69% from the identical interval final 12 months and represented its lowest quarterly revenue because the third quarter of 2014. Received ($57.2 billion).

The South Korean tech large thrived within the first two years of the pandemic, due to its twin power of components and completed items, because the virus pressured thousands and thousands of individuals to earn a living from home. It benefited from robust demand for the chips that energy laptop servers.

However the financial shock unleashed by Russia’s conflict on Ukraine is making it tougher for the corporate to outlive. The conflict disrupted industrial provide chains and left main economies grappling with rising inflation and slowing development.

“The enterprise atmosphere deteriorated considerably within the fourth quarter attributable to weak demand because of the slowdown within the international economic system,” Samsung stated in a press release.

The corporate’s revenue from its bread and butter semiconductor enterprise was 270 billion received ($219 million) within the earlier quarter, down considerably from 8.83 trillion received ($7.1 billion) a 12 months earlier.

Samsung stated chip costs plummeted amid weakening demand as clients adjusted inventories within the face of “growing uncertainty” within the international economic system.

Samsung additionally expects demand for smartphones and TVs to say no additional within the first quarter amid the worldwide recession.