Samsung’s profit has plummeted 60% in Q1 from a year ago. The company has been enjoying its status as the world’s largest semiconductor supplier since 2017, when it stole that title from incumbent Intel. But with global memory demand down and smartphone shipments faltering, it’s no surprise that the tech giant is struggling to match the highs of yesteryear.

In its recently released earnings guidance, Samsung reported consolidated sales of some 52 trillion KRW, so it’s hard to feel too much sympathy for its rather affluent execs. Of that, its consolidated operating profit was ~6.2 trillion KRW. During that same three month period in 2018 – the lazy, hazy days of crypto-fever – the company netted 15.64 trillion KRW in operating profit. That’s a 60% downturn in twelve months.

A large portion of Samsung’s revenue is made up of memory manufacturing, and an even greater portion by smartphones. With both markets, intrinsically tied together in many ways, currently experiencing a rocky patch, the company has been hit harder than most. DRAMExchange recently reported the PC memory market was in “freefall”. A bad omen for Samsung’s sales.