Samsung sees profit plunge by 69% as chip prices slump
Samsung expects its profits for the last three months of 2022 to fall by 69% to the lowest level in eight years.
It was Samsung's lowest quarterly profit since 2014 and missed investor expectations of around 5.9 trillion won.The South Korean company said it saw a bigger-than-expected fall in demand for computer chips as customers cut their stocks of the key components for digital devices. "Smartphone sales and revenue decreased due to weak demand resulting from prolonged macro issues," it added.It is the latest major technology company to reveal how weakness in the global economy is impacting its business.
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