Monitoring Desk
ISLAMABAD/SUWON-SI: Samsung Electronics forecast on Friday that its profits for the last three months of 2022 fell by 69 percent to an eight-year low as a weakening global economy impacted memory chip prices and curbed the demand for electronic devices.
The world’s biggest manufacturer of memory chips, smartphones and TVs has estimated that its operating profit for the period fell to around 4.3 trillion won ($3.4 billion) from 13.87 trillion won a year earlier. It was Samsung’s smallest quarterly profit since the third quarter of 2014 and missed investor expectations of around 5.9 trillion won.
The South Korean tech giant is scheduled to issue its full financial statement on 31 January.
Samsung no exception to global economic slowdown
Samsung is the latest major technology firm to reveal how the ongoing global economic slowdown has impacted its business.
Following the end of a pandemic-led demand boom, tech companies across the globe sacked over 150,000 workers in 2022, according to tracking site Layoffs.fyi, with more layoffs expected.
These include firms such as Amazon, Walt Disney, Facebook-owner Meta and American banks who were forced to trim their workforce amid a rapid hike in interest rates, weak consumer demand and an economic slowdown in major economies.
