SEOUL, Jan. 6 (Yonhap) — Samsung Electronics Co. said Friday that its operating profit is likely to drop 69 percent year-on-year in the fourth quarter due to lower demand for chips and home appliances amid recession fears.
The world’s largest maker of memory chips and smartphones estimated operating profit from October to December at 4.3 trillion won ($3.4 billion), down from 13.87 trillion won a year earlier.
The company said in a periodic report that its sales were likely to drop 8.6 percent year-on-year to 70 trillion won in the fourth quarter of 2022 from 76.57 trillion won in the same period of 2021.
Samsung is set to report detailed earnings later this month.
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