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
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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.