Samsung profit falls to eight-year low

Operating profit of the South Korean company Samsung in the fourth quarter of 2022 fell by 69% and hit an eight-year low. The reason was the low demand for chips and smartphones. site companies.

From October to December last year, Samsung posted an operating income of $3.4 billion, and in 2021, the figure for the same period was $10.8 billion. In the third quarter of 2022, the operating profit of the company was $8.5 billion.

For the first time since 2014, Samsung’s operating profit is below $3.9 billion in a quarter, according to Yonhap. Full-year operating income is forecast to fall 16% to $33.8 billion.

Samsung said chip sales fell amid uncertain external business conditions, with low demand from server operators, data centers and handset manufacturers.

Recall that Samsung suspended deliveries to Russia in March, explaining this by current geopolitical events, as well as the physical impossibility of sending goods.