Samsung’s profit nosedives 70% in Q4 2022 due to low chip, smartphone sales

Internal projections made by the corporation indicate that it would have an operating profit of about KRW 4.3 trillion ($3.37 billion) on total revenue of about KRW 70 trillion ($55 billion).
Earnings expectations for the company’s fourth quarter of 2022 are in line with recent predictions made by analysts. Revenue is down 9%, and operating profit is down a staggering 69% from Q4 2021. For Samsung, operating profit is at an eight-year low. These disappointing results are the result of a number of variables, including sluggish sales of smartphones and semiconductor chips globally, which are in turn a result of the worldwide economic slump.