Democratic News Hubb
Advertisement
  • Home
  • News
  • Democratic
  • Contact us
No Result
View All Result
  • Home
  • News
  • Democratic
  • Contact us
No Result
View All Result
Democratic News Hubb
No Result
View All Result
Home Democratic

Samsung says it expects lowest quarterly profit in 8 years | Technology

admin by admin
January 6, 2023
in Democratic


South Korean tech giant blames weak demand for memory chips for sharp decline in profits.

Samsung Electronics is expecting its worst fourth-quarter profit in eight years amid a sharp decline in global demand for memory chips and smartphones.

Profits are estimated to have plunged by 69 percent to 4.3 trillion won ($3.4 billion) during the October-December period, the South Korean tech giant said on Friday.

Weak demand for memory chips was “greater than expected as customers adjusted inventories… to further tighten finances spurred by concerns over deteriorating consumer sentiment caused [by] continued high global interest rates and weak economic outlooks,” Samsung said in a statement.

The preliminary results, which were well short of estimates, point to Samsung’s smallest quarterly profit since the third quarter of 2014.

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.

“All of Samsung’s businesses had a hard time but chips and mobile especially,” said Lee Min-hee, an analyst at BNK Securities.

Rising global interest rates and cost of living have dampened demand for Samsung’s smartphones as well as the semiconductors it supplies to rivals such as Apple.

“Memory chip prices fell in the mid-20 percent during the quarter, and high-end phones such as foldable didn’t sell as well,” said Lee, adding that Samsung’s display business was hurt due to client Apple’s production delays at the world’s biggest iPhone factory in China during the quarter.

Three analysts said they expected Samsung’s profits to dive again in the current quarter, with a likely operating loss for the chips business as a glut drives a further drop in memory chip prices.

Samsung had said in October that it did not expect much change to its 2023 investments.

Samsung has a history of not announcing memory chip production cuts, according to analysts, but could organically adjust investment by delaying bringing in equipment or through other ways.



Source link

Tags: Asia PacificBusiness and EconomyEconomySouth KoreaTechnology
Previous Post

Manchester City announces new partnership with Jio – ThePrint – ANIFeed

Next Post

Biden honors more than a dozen Americans for upholding democracy on Jan. 6

Next Post

Biden honors more than a dozen Americans for upholding democracy on Jan. 6

Recommended

Desert Vipers unveil official jersey and match kit – ThePrint – ANIFeed

January 11, 2023

Missouri Republican pushes for constitutional change to recognize same-sex marriages • Missouri Independent

December 15, 2022

How venomous voices from right-wing radio radicalized America • Missouri Independent

January 16, 2023

Conservative Christians Excluded From Benefits of Christmas Shopping

December 14, 2022

Don't miss it

Democratic

Resurrecting Australia’s Extinct Tasmanian Tiger | Environment

January 26, 2023
Democratic

President Droupadi Murmu – ThePrint –

January 26, 2023
Democratic

New Oklahoma PAC will fight influx of anti-trans legislation

January 26, 2023
News

With Debt Ceiling Looming, Biden ‘Will Negotiate,’ Sen. Rand Paul Says

January 26, 2023
News

Missouri Republicans push for state to take over control of St. Louis police department • Missouri Independent

January 26, 2023
News

Committee introduces resolution to amend Idaho Constitution around ballot initiatives

January 26, 2023
Democratic

Peru protesters clash with police after president calls for truce | Protests News

January 25, 2023
Democratic

Why Tom can’t censor Jerry & when Petrol Baba showers you with blessings – ThePrint – Select

January 25, 2023

democratic-white

© 2022 Democratic News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Democratic
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Democratic
  • Contact us

© 2022 Democractic News Hubb All rights reserved.