Samsung Electronics, the South Korea-based technology giant, has announced that its profits for the last three months of 2023 are expected to drop by over a third. This decline is worse than analysts had predicted and is due to weak global demand for consumer electronics. Samsung is the largest producer of memory chips, smartphones, and televisions in the world. The company will release a detailed financial earnings report on January 31. Samsung estimates that its operating profit for the October-December quarter fell to 2.8 trillion won ($2.13bn; £1.76bn), a 35% decrease compared to the same period in 2022. This is significantly lower than the approximately 3.7 trillion won expected by industry analysts. The drop in demand for electronic devices and memory chips, coupled with lower sales of laptops and mobile phones, has had a significant impact on Samsung’s earnings. In the previous quarter, the company’s operating profit fell by 77% compared to the same period the previous year, leading Samsung to reduce its planned production of memory chips. The announcement comes as the Consumer Electronics Show (CES), the largest consumer technology trade show, begins in Las Vegas.
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