Samsung Electronics’ third-quarter profit plummets 31% as economic troubles dampen demand.
- Samsung’s third-quarter profit fell for the first time in nearly three years as economic uncertainty saps demand for PCs, phones, and chips.
- The Korea-based corporation reported Wednesday that its operational profit for the three months ended Sept. 30 was 10.85 trillion won ($7.65 billion), down 31% from previous year.
- The company’s operating profit dropped a year after its second-highest ever. Revenue rose 4% to 76.78 trillion won ($54.1 billion).
- High inflation, rising interest rates, and geopolitical concern impacted consumer spending, lowering semiconductor business sales 14% to 23 trillion won in the third quarter.
- For months, Samsung executives have cautioned that the chip market may not improve soon.