Samsung Electronics has released its fourth-quarter earnings, which missed market expectations by a large margin. 

The South Korean tech giant said in its preliminary earnings report on Wednesday that it is likely to post six-point-five trillion won, or about four-point-47 billion U.S. dollars, in operating profit for the October-November period, up 130 percent from a year earlier. 

Compared with the third quarter, the operating profit slipped nearly 30 percent and was about 16 percent lower than market expectations. 

Revenue increased over ten percent on-year to 75 trillion won in the fourth quarter, but decreased by five percent from the previous quarter. 

The weak performance is largely due to the prolonged decline in profitability of Samsung’s mainstay general-purpose memory products, amid the deepening downturn in demand for smartphones, PCs and other devices.