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Samsung flags slump in fourth-quarter profits
(Sharecast News) - Samsung Electronics warned on Tuesday that quarterly profits would miss expectations, on the back of weaker global demand for consumer electronics. The South Korean giant said fourth-quarter consolidated operating profits were likely to be around 2.8trn Korean won, a 35% slide year-on-year, on sales of 67trn won.
Analysts had been expecting profits to come in closer to 3.7trn won.
Demand for consumer electronics spiked during the pandemic, causing prices to jump and compounding shortages worldwide.
They then dropped rapidly last year, after manufacturers built up inventories and demand slowed amid a weaker economic backdrop, before starting to pick up again in the fourth quarter.
Shares in Samsung, which will publish detailed fourth-quarter results on 31 January, closed 2% lower.
Samsung is the world's largest maker of dynamic random-access memory chips, which are used in computers, smartphones and other consumer electronics. It also is a global leader in televisions and smartphones.
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