Samsung flags bigger-than-expected Q4 profit drop on weak demand

A worker waters a flower bed at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji/File Photo

SEOUL: Samsung Electronics Co Ltd reported a likely 35% drop in fourth-quarter operating profit on Tuesday, much worse than analysts expected as weak consumer demand persisted in many of its businesses even as memory chip prices improved.

The world's largest memory chip, smartphone and TV maker estimated its operating profit fell to 2.8 trillion won ($2.13 billion) in October-December from 4.31 trillion won a year earlier.