Samsung profits tumble 34 per cent after chip business hits rock bottom

Published by
City AM

By Jess Jones Samsung has reported a 34 per cent drop in operating profits in its fourth quarter, in line with expectations, and new lows for its chip business, although it expects this to recover in 2024. The South Korean electronics maker said on Wednesday that operating profit fell to 2.8t won (£1.7bn) in the three months ended December, compared to 4.3t won (£2.5bn) a year earlier. Shares were down 2.4 per cent on Wednesday morning. Samsung’s chip business plunged to a record loss for the full year, down to 14.9t won (£8.8bn) as weak demand for devices that use the silicon continued to bit…

Read More

See also  Hong Kong media summit forced to go online after venue cancellations, as organiser suggests self-censorship to blame

Leave a Reply