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Samsung Profits Plummet 69% As Chip Demand Softens

Samsung Electronics has suffered a 69 per cent fall in profit for the December quarter, as demand for memory chips continues to fall.

The company’s operating profit fell to A$5 billion for the quarter, according to guidance released by Samsung this morning. This missed Wall Street estimates of A$7.8 billion, and is a far cry from the A$16.1 billion during the same three month period in 2021.

Sales fell to 70 trillion won, or A$81.47 billion, down from A$89.14 billion the year prior.

The steep fall comes as demand falls for display and memory chips.

As Apple, one of Samsung’s major customers, continues to reduce its orders due to production mishaps at its iPhone assembly complex in the Chinese city of Zhengzhou, the impacts are felt on Samsung’s bottom line.

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