News > Samsung says Q4 profit tumbled 69 percent to eight year low amid weakening global economy
Samsung says Q4 profit tumbled 69 percent to eight year low amid weakening global economy
06/01/2023 04:08 PM | Click to read full article
Samsung Electronics flagged on Friday its quarterly profit tumbled by two-thirds to an eight-year low as a weakening global economy hammered memory chip prices and curbed demand for electronic devices. 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. Samsung's profits are expected to shrink again in the current quarter, analysts said.