Samsung Electronics said Thursday its operating profit declined nearly 29 percent in the fourth quarter from a year earlier due to a drop in demand for memory chips and smartphones. 

The South Korean tech giant said its sales came to 59-point-three trillion won in the September-December period last year, down ten-point-two percent on-year and nine-point-five percent on-quarter. 

Its operating profit posted ten-point-eight trillion won in the fourth quarter, plunging 28-point-seven percent on-year and 38-point-six percent on-quarter. 

It's the first time in seven quarters that quarterly operating profit fell below 14 trillion won. 

Despite the sharp drops in the fourth quarter, Samsung enjoyed record profits in terms of sales, operating profit and net income in 2018, posting record results in all three areas for the second consecutive year. 

Last year, the firm reported 243-point-seven trillion won in sales, 58-point-nine trillion won in operating profit and 44-point-three trillion won in net income.