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Oct 07, 2022 04:22 PM
ECONOMY

Samsung Profit Sinks 32% as Memory Chip Downturn Worsens

A group of employees head to the Samsung’s semiconductor manufacturing plant in Hwaseong. Photo: Bloomberg
A group of employees head to the Samsung’s semiconductor manufacturing plant in Hwaseong. Photo: Bloomberg

(Bloomberg) — Samsung Electronics Co. Ltd. reported its first profit drop since 2019, underscoring the depth of a global PC and memory chip downturn.

Operating profit fell by 32% to 10.8 trillion won ($7.7 billion) for the three months ended September, South Korea’s largest company said Friday in a statement. Analysts had estimated 12.1 trillion won on average. Sales also missed estimates, coming in at 76 trillion won. Samsung will provide net income and details of divisional performance with its full report at the end of this month.

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