Samsung Electronics’ operating profit fell to its lowest level in 8 years

The operating profit of “Samsung Electronics” decreased by about 70% in the fourth quarter of last year, to the lowest level in 8 years, according to preliminary data released by the Korean company.

This highlights the impact of slowing global economic growth on demand for semiconductors and electronic products, as Samsung said smartphone sales and revenue fell on weak demand stemming from long-standing problems.

And the world’s largest maker of memory chips, smartphones and televisions announced that its operating profit fell 69% to 4.3 trillion won (3.4 billion) during the three months ended December from 13.87 trillion won in the same period of 2021, posting its worst profit since the third quarter of 2021. 2014 and below expectations by 5.9 trillion won.

The South Korean company also indicated that sales fell 9% to 70 trillion won and Samsung is expected to release its full financial results, including net income, on Jan. 31.