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Samsung's quarterly profit plunges to 8-year low on demand slump

January 8, 2023
Source: reuters.com reuters.com
News Snapshot:
Summary Summary Companies Clients spooked by sentiment, tightened spending Lowest profit since Q3 2014 Samsung's Q1 profit will likely show another slump-analysts Shares up 1.4%, outperforming broader market SEOUL, Jan 6 (Reuters) - Samsung Electronics Co Ltd (005930.KS) flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. The dismal profit estimate by the world's largest memory chip, smartphone and TV maker - a bellwether for global consumer demand - sets a weak tone for other technology firms' quarterly results. Samsung's profits...
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