© Archyde.com. Samsung Electronics’ operating profit fell to its lowest level in 8 years
The operating profit of “Samsung Electronics” fell by about 70% in the fourth quarter of last year, to its lowest level in 8 years, according to preliminary data issued by the Korean company.
This highlights the impact of the slowdown in global economic growth on demand for semiconductors and electronic products, as Samsung said that sales of smart phones and revenue fell due to weak demand resulting from problems that persisted for a long time.
And the world’s largest producer of memory chips, smart phones and televisions announced that its operating profit fell 69% to 4.3 trillion won (3.4 billion) during the three months ending in December from 13.87 trillion won in the same period in 2021, recording the worst profit since the third quarter of 2021. 2014, and below expectations of 5.9 trillion won.
The South Korean company also indicated that sales fell 9% to 70 trillion won, and Samsung is scheduled to release its full financial results, including net income, on January 31st.