Samsung Electronics has released its earnings guidance report for the fourth quarter of 2022 and the preliminary numbers don’t look good. Samsung reported a consolidated operating profit estimate of KRW 4.3 trillion ($3.38 billion) for the October-December quarter. The figure represents a 69% decline from Q4 2021 figures. Estimated Q4 profit would be Samsung’s lowest since Q3 2014.
Quarterly revenue estimates are down 9% a KRW 70 trillion ($55 billion). Declining demand for smartphones and memory chips in particular are the main drivers of Samsung’s negative financial results. Analysts expect declining profits for the upcoming Q1 2023 period due to the same factors that caused this quarter’s slumps.
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