Samsung's excuse: 'Smartphone sales and revenue decreased due to weak demand resulting from prolonged macro issues' GIZGUIDEPH GadgetCoach TechPH
Samsung projects its profits to fall by 69 percent for the last three months of 2022 amid weaker demand for gadgets.
It was the South Korean company's lowest quarterly profit since 2014, even missing investor expectations of around 5.9 trillion won, the BBC noted. For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances, Samsung said in a statement.
Prior to Samsung, several other tech companies have noted how the global economic slowdown is affecting their business.
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