Samsung Electronics reported a probable 96% plunge in first-quarter working revenue on Friday, worse than analysts had forecast, as a chip glut worsened and consumers slowed purchases amid a worldwide financial slowdown.

The world’s largest reminiscence chip and TV maker estimated its working revenue fell to 600 billion gained ($455.50 million) in January-March, from 14.12 trillion gained a yr earlier, in a brief preliminary earnings assertion.

“Reminiscence demand dropped sharply… because of the macroeconomic state of affairs and slowing buyer buying sentiment, as many purchasers proceed to regulate their inventories for monetary functions,” the corporate stated in an announcement.

The revenue fell wanting a 873 billion gained Refinitiv SmartEstimate, weighted towards analysts who’re extra persistently correct. A number of estimates had been revised down earlier this week.

Income probably fell 19% from the identical interval a yr earlier to 63 trillion gained, Samsung stated.

The corporate is because of launch detailed earnings, together with divisional breakdowns, later this month.