Samsung expects some of those problems to continue in the coming months due to global economic uncertainty, though it anticipates overall demand to start recovering in the second half of the year.

Smartphone demand will likely slide again this quarter compared to the same period a year ago, “due to the economic slowdown in major regions,” it said.

Samsung’s shares dropped 3% in Seoul on Tuesday.

There were some bright spots. Samsung said it took in 302.2 trillion won ($245.7 billion) in revenue for the full year of 2022, up from 279.6 trillion won ($227.4 billion) in 2021, and a record high.

Analysts have said however, that they expect the company’s profits to drop again this quarter because of a continued decline in memory chip prices.