Samsung has reported its lowest quarterly profit in eight years, dropping 69 per cent

The company believes sluggish demand and macroeconomic uncertainty will make for a tough first half, though demand will likely recover in the second half.

The South Korean tech giant made $3.5billion profit for the quarter – the lowest since 2014 – with revenue down eight per cent.

In its chip business, profits also plunged when compared to year ago.

Memory chip prices are widely expected to decline further in the first quarter as customers continue to hold off purchases and use up existing inventory while device demand remains depressed.