Samsung Sees Q4 Profit Plunge 69% As Pandemic Correction And Macro Headwinds Weigh

Samsung Electronics Co, Ltd (OTC: SSNLF) shared the guidance for its fourth quarter.
The ace chipmaker expects consolidated sales of approximately 70 trillion Korean won, down 8.6% year-on-year.
Samsung saw a consolidated operating profit of approximately 4.3 trillion Korean won.
Also Read: Samsung's Consumer-Products Chief And Analysts Expect Demand Headwinds To Improve From 2H 2023
Samsung expects its fourth-quarter profit to plunge as its mainstay memory chip and smartphone businesses face a sharp pullback in demand after pandemic highs, the Wall Street Journal reports.
Samsung's forecast signals larger-than-expected order pullbacks and price drops in the memory business, combined with falling sales of smartphones and home appliances.
The possibility of a global recession and macroeconomic uncertainties weighed on its key businesses.
Samsung is a major component supplier to companies like Apple Inc (NASDAQ: AAPL), the top seller of smartphones and TVs, and a significant player in many other areas of consumer electronics.
Samsung is the largest producer of two major types of memory chips, DRAM, which enables devices to multitask, and NAND flash, which provide devices with storage capacity.
In the fourth quarter, prices of Samsung's DRAM and NAND flash will likely fall by nearly 30% quarter-on-quarter, according to Goldman Sachs.
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