Samsung Telecommunications

Samsung Electronics said yesterday that its fourth-quarter operating profits plunged nearly 70 percent, the biggest drop in more than eight years, as the global economic slowdown dealt a blow to electronics and chips sales.

SEOUL, South Korea (AP) — Samsung Electronics plans to spend $22 billion over the next three years on artificial intelligence, auto components and other future businesses as the company maps out its strategy under the restored leadership of Vice Chairman Lee Jae-yong after he was freed from prison.

Samsung Electronics flagged a first-quarter operating profit of 15.6 trillion won ($14.7 billion) on April 6, a record for any-three month period, as it benefited from soaring demand for its memory chips for mobile devices.

South Korean giant Samsung Electronics posted an 8.0 percent fall in second quarter net profit July 30 and promised "flexible" pricing of its new flagship smartphone after less than stellar sales contributed to a slump in its mobile unit's earnings.

Samsung Electronics posted a near 40 percent fall in first quarter net profit April 29, missing analyst estimates despite a surge in memory chip demand that cushioned a slump in smartphone sales.