Samsung hit by historic profit fall on slowing electronics demand

Missing estimate: People visit the Samsung booth at CES 2023 in Las Vegas. Samsung has been adamant that it has no plans to cut capex or supply despite the grim preliminary numbers. — AFP

SAMSUNG Electronics Co’s profit dropped by the most in over a decade, in a sign that the global economic slowdown may be hurting electronics demand even more than anticipated.

South Korea’s largest company has been grappling with weak demand for memory chips, smartphones and displays as consumers tamp down holiday spending amid soaring interest rates and inflation.