Samsung's earnings slump on rapid drop-off in chip demand


FILE PHOTO The logo of Samsung Electronics is seen at its office building in Seoul South Korea March 23 2018.   REUTERSKim Hong-JiFile Photo

FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, March 23, 2018. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) - Samsung Electronics Co Ltd flagged a worse-than-expected 32% drop in quarterly operating earnings on Friday, as an economic downturn slashed demand for electronic devices and the memory chips that go in them.

Samsung's memory chip shipments likely came in below already downgraded expectations and prices could fall further this quarter, analysts said, as customers react to rising inflation, higher interest rates and the impact of Russia's invasion of Ukraine.

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