Samsung has signalled that its operating profit in the third quarter dropped as much as 78% as a lower than usual demand for devices continues.
Estimates released by Samsung forecast an operating profit of 2.4 trillion Won
(1.6 billion Euros) for the three months ended September. This contrasts sharply with
2022’s Q3, where Samsung reported a 10.85 trillion won (7.5 billion Euros).
According
to CNN, the business saw operating profit plummet by 95% in the first
quarter, following a record loss in semiconductor business despite remaining as the world’s largest
memory chip and smartphone manufacturer.
In a statement, Samsung said that: “Global demand
is expected to gradually recover in the second half of the year which
should lead to an improvement in earnings driven by the component business. However,
continued macroeconomic risks could prove to be a challenge in such recovery in demand.”