Samsung says profits dropped by two thirds as global slowdown bites
Samsung has just released its earnings guidance for the three months ending December 31st 2022, and they don’t contain great news for the South Korean tech giant. The figures suggest Samsung may have just had its least profitable quarter in eight years, Reuters notes, as the global economic slowdown hits the company’s core chip making and consumer tech businesses.
Operating profit is estimated to have fallen by over two thirds compared to the same period the previous year, down from 13.87 trillion Korean won (around $10.9 billion) to 4.3 trillion Korean won (around $3.4 billion). Sales were down by a smaller 9 percent to 70 trillion Korean won (around $55.1 billion).
Multiple areas of Samsung’s...