March 25, 2023

Bobbys Brane

Bobbys Brane – Business & Tech Blog

Samsung Elec Q3 profit slumps 31% as economic woes hammer demand By Reuters

1 min read

© Reuters. FILE PHOTO: Samsung signage is seen in a store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly

SEOUL (Reuters) – Samsung Electronics (OTC:) Co Ltd reported a 31% drop in third-quarter profit on Thursday and said geopolitical uncertainties are likely to dampen demand until early 2023, as the global economic downturn slashed appetite for electronic devices.

The world’s top maker of memory chips and smartphones said operating profit fell to 10.85 trillion won ($7.7 billion) for the July-September quarter, from 15.8 trillion won a year earlier, the first year-on-year decline in nearly three years.

That was in line with Samsung (KS:)’s own estimate of 10.8 trillion won earlier this month.

Revenue rose 4% to 76.8 trillion won.

($1 = 1,416.8000 won)