Samsung's earnings slump on rapid drop-off in chip demand

Memory chip biz conditions worsened rapidly-analystflagged a worse-than-expected 32% drop in quarterly operating earnings on Friday, as an economic downturn slashed demand for electronic devices and the memory chips that go in them.

Samsung's memory chip shipments likely came in below already downgraded expectations and prices could fall further this quarter, analysts said, as customers react to rising inflation, higher interest rates and the impact of Russia's invasion of Ukraine. Samsung, the world's top maker of memory chips, smartphones and televisions, is a bellwether for global consumer demand and its disappointing preliminary results add to a flurry of earnings downgrades and gloomy forecasts.Estimated profit fell to 10.8 trillion won in July-September - the first year-on-year decline in nearly three years - from 15.8 trillion won a year earlier, the company said in a preliminary earnings release.

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Samsung Expects Earnings to Slump as Consumer Spending SlipsSamsung Electronics is expected to see its third-quarter profits slump as the company's mainstay memory-chip and smartphone businesses feel the effects of curbed consumer spending I don’t think it is due to curbed consumer spending, it is more likely due to their products are faulty and poorly made 😬 Samsung A series is a good performance vs cost. translation: Bidenomics
Source: WSJ - 🏆 98. / 63 Read more »