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Samsung Electronics’s operating profit plummeted 69% in the fourth quarter last year

NSP NEWS AGENCY, By eunyoung Huh Journal, 2023-01-10 15:27 END8
#Samsung Electronics

(Seoul=NSP News Agency) eunyoung Huh Journalist = Samsung Electronics announced preliminary financial results for the fourth quarter last year with its consolidated sales and operating profit of 70 trillion won and 4.3 trillion won, respectively.

Sales and operating profit in the fourth quarter plunged 8.83% and 60.37% respectively compared to the previous quarter, and 8.58% and 69% year-on-year.

The earnings shock is mainly due to a global economic slowdown and a drop in chip demand, said experts. According to an analysis by an industry source, “chip sales plummeted as demand on non-face-to-face service driven by Covid-19 declined and household income dropped in the aftermath of inflation and high interest rate.”

NSP News Agency eunyoung Huh Journalist
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