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Samsung’s Q4 earnings forecast warns of falling profits

Samsung’s Q4 earnings forecast warns of falling profits

Samsung's Q4 earnings forecast warns of falling profits

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Samsung Electronics released its Q4 2022 earnings forecast report and the preliminary numbers don’t look good. Samsung announced a consolidated operating profit estimate of KRW4,300,000,000,000 ($3.38 billion) for the October-December quarter. The figure represents a 69% drop from fourth-quarter 2021 values. The estimated fourth-quarter profit would be Samsung’s lowest since the third quarter of 2014.

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Quarterly revenue estimates are down 9% to 70 trillion KRW ($55 billion). Lower demand for smartphones and memory chips in particular is the main driver behind Samsung’s negative financial results. Analysts are predicting lower earnings for the next period of the first quarter of 2023 due to the same factors that caused the collapses this quarter.

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Tech

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