Samsung’s Quarterly Profit Falls 69% Amid Recession Worries

(Nikkei Asia) — Samsung Electronics Co. Ltd. said Friday that it expects operating profit to have tumbled almost 70% in the fourth quarter of last year, as high inflation sapped global demand for semiconductors and smartphones, the company’s two key revenue sources.

The South Korean tech company said in earnings guidance that it sees operating profit of 4.3 trillion won ($3.4 billion) for the three months through December, which would be a decline of 69% from the same period the year before and the lowest operating profit in eight years since the third quarter of 2014.