SEOUL — Samsung Electronics Co.
005930,
said it expects its fourth-quarter profit to plunge as the firm’s mainstay memory-chip and smartphone businesses face a sharp pullback in demand, showing the extent of the global tech downturn after pandemic highs.
The South Korean tech giant on Friday forecast its operating profit in the quarter ending Dec. 31 to drop by 69% from the prior year to 4.3 trillion won, the rough equivalent of $3.4 billion.
This article was originally published by Marketwatch.com. Read the original article here.