Samsung Elec Q3 profit slumps 31% as economic woes hammer demand By Stocksak

© Stocksak. FILE PHOTO – A Samsung sign can be seen in a New York City shop on November 22, 2021. REUTERS/Andrew Kelly

SEOUL (Stocksak) – Samsung Electronics (OTC) Co Ltd reported a 31% decline in third quarter profit on Thursday. They said geopolitical uncertainties will likely dampen demand until early-2023, as a result of the global economic downturn that has slowed consumer demand for electronic devices.

The world’s leading manufacturer of memory chips for smartphones, Samsung, reported that operating profit fell to 10.85 Trillion won ($7.7 Billion) in the July-September period, compared to 15.8 Trillion won a year earlier. This was the first year-on–year decline in nearly three decades.

This was in line with Samsung’s (KS:) earlier this month estimate of 10.8 trillion won.

Revenue rose 4% to reach 76.8 trillion won.

($1 = 1,416.8000 won)

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