Monday, December 5, 2022
HomeBusinessSamsung Electronics Q3 profit likely fell 32% as demand slumped in downturn...

Samsung Electronics Q3 profit likely fell 32% as demand slumped in downturn By Reuters

Date:

Related stories

Tim Draper predicts bitcoin will reach $250,000 despite FTX collapse

Tim Draper, founder of Draper Associates, onstage at...

BTC, ETH, BNB, XRP, ADA, DOGE, MATIC, DOT, LTC, UNI By Cointelegraph

© Reuters Non-farm payrolls in the United States...

What Are Trading Bots and How Do They Influence Exchange?

Trading bots are programs that operate independently for predefined...


© Reuters.

SEOUL (Reuters) – Samsung Electronics (OTC:) Co Ltd reported a likely 32% drop in quarterly operating earnings on Friday as demand for electronic devices, and the memory chips that power them, shrank due to an economic downturn.

The world’s largest memory-chip and smartphone maker estimated its profit fell to 10.8 trillion won ($7.67 billion) in July-September – its first year-on-year decline in nearly three years – from 15.8 trillion won a year earlier.

The profit fell short of an 11.8 trillion won SmartEstimate from Refinitiv.

Revenue likely rose 3% from the same period a year earlier to 76 trillion won, Samsung (KS:) said in a short preliminary earnings release.

Samsung is due to release detailed earnings on October 27.

($1 = 1,407.6400 won)



Source link

Bellie Brown
Bellie Brownhttps://businesstimes.org
Hi my lovely readers, I am Bellie brown editor and writer of Businesstimes.org. I write blogs on various niches such as business, technology, lifestyle., health, entertainment, etc as well as manage the daily reports of the website. I am very addicted to my work which makes me keen on reading and writing on the very latest and trending topics. One can check my more writings by visiting Cleartips.net

Latest stories