Let's begin with some news coming from the tech giant Samsung where it has flagged that its quarterly profit has stumbled to an eightyear low. This is weakening global economy. It hammered chip demand.
It also curbed demand for electronic devices because of which the sales suffered at Samsung. The profits at world's largest memory chip, smartphone and TV maker it is now expected to shrink again in the current quarter.
This after Samsung announced that its October December operating profit is likely to go down by 70% to around $3.3 billion from ₩13.8 trillion. It was Samsung's smallest quarterly profit since third quarter of 2014.
It's fallen short of ₩5.9 trillion. It is weighted towards forecasts from analysts who are more consistently accurate most of the time and quarterly revenue is likely to fall 9% from same period earlier to ₩70 trillion.
Asia's fourth biggest listed company by market value. Samsung is due to release its detailed earnings later this month. Its estimates which we are talking about now and rising global interest rates and cost of living, they have all dampened demand for smartphones and other devices that Samsung makes, also for the semiconductor it supplies to rivals including Apple.
Its mobile business profit is coming down this time also fourth quarter as smartphone sales and revenue decreased due to weak demand resulted from prolonged macroeconomic issues.
