Salem Radio Network News Monday, December 5, 2022

Business

Samsung Elec posts 1st qtly earnings drop in nearly 3 years on demand slump

SEOUL (Reuters) – Samsung Electronics Co Ltd reported a likely 32% drop in quarterly operating earnings on Friday as demand for electronic devices, and the memory chips that power them, shrank due to an economic downturn.

The world’s largest memory-chip and smartphone maker estimated its profit fell to 10.8 trillion won ($7.67 billion) in July-September – its first year-on-year decline in nearly three years – from 15.8 trillion won a year earlier.

The profit fell short of an 11.8 trillion won SmartEstimate from Refinitiv.

Revenue likely rose 3% from the same period a year earlier to 76 trillion won, Samsung said in a short preliminary earnings release.

Samsung is due to release detailed earnings on October 27.

($1 = 1,407.6400 won)

(Reporting by Joyce Lee and Heekyong Yang; Editing by Muralikumar Anantharaman and Richard Pullin)

Previous
Next

Editorial Cartoons

View More »

Gary Varvel
Wed, Nov 30, 2022

X CLOSE