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Samsung expects fourth-quarter operating profit to fall 35% to 2.8 trillion won (RM9.75 billion) due to weak global consumer electronics demand, with sales revenue falling 4.9% to 67 trillion won.
Samsung, the world’s largest smartphone maker, has been hit by the global economic slowdown on memory chip sales. While demand for computers and smartphones surged during the pandemic, consumer appetite waned as lockdowns ended, with rising inflation and interest rates further impacting demand.
Samsung said that memory market conditions may improve in 2024, and PC and mobile demand may be boosted by product replacement cycles. The company is expected to release its final 2023 earnings report at the end of this month.
(Source: AFP Image source: freepik)
