SEOUL, South Korea (AP) — Samsung Electronics Co. has posted a near-30 percent drop in operating profit for the last quarter after seeing slowing global demand for its memory chips and smartphones.

The South Korean technology giant on Thursday said its operating profit during the October-December quarter declined 28.7 percent at an annual pace to 10.8 trillion won ($9.7 billion). Sales fell by more than 10 percent to reach 59.3 trillion won ($53.3 billion), while net income fell 31 percent to reach 8.5 trillion won ($7.6 billion).

Samsung says demand for its memory chips decreased due to "mounting external uncertainties" and inventory adjustments at major customers. It says smartphone sales also weakened amid a stagnant global market.