Hammered by a drop in PC and smartphone demand, Samsung Electronics reported a 69% decline in operating profit last quarter, the weakest since 2014.  The South Korean chip maker said it expects demand to begin making a recovery in the second half of 2023. In the last three months of 2022, Samsung's operating profit fell 69% to $2.5B, and its revenue fell 8% to $57.3B. For all of 2022, it reported $35B in operating profit, down $6.9B from 2021. Its annual revenue for 2022 was $245.4B, a record high. Samsung cited "weak demand amid a global economic slowdown," including a sharp drop in demand in its memory-chip business. Unlike its peers Micron and Western Digital, Samsung has not cut down capital expenditures for 2023. Samsung will also host its Unpacked event tomorrow, Feb. 1, when it's expected to unveil its Galaxy S23 flagship smartphone series. These include the standard Galaxy S23, the S23 Plus, and the high-end S23 Ultra. It could also announce up to five laptops, possibly called the Galaxy Book 3, Book 3 360, Book 3 Pro, Book 3 Pro 360, and Book 3 Ultra.