SEOUL, Jan. 6 (Yonhap) — Samsung Electronics Co. said on Friday that its operating profit is expected to decline 69% year-on-year in the fourth quarter on lower demand for chips and home appliances amid recession fears.
The world’s largest maker of memory chips and smartphones estimated operating profit for October through December at 4.3 trillion won ($3.4 billion), down from 13.87 trillion won a year earlier .
The company said in a periodic report that its sales were likely to decline 8.6 percent year-on-year to 70 trillion won in the fourth quarter of 2022 from 76.57 trillion won in the same period of 2021.
Samsung is set to report detailed earnings later this month.
