Samsung Electronics reports worst quarterly profit in 8 years

Visitors try out Samsung Electronics Galaxy smartphones during the 2022 World IT show at the Convention and Exhibition center in Seoul, South Korea, on April 20, 2022. [AP]

 
Samsung Electronics posted 4.3 trillion won ($3.3 billion) in operating profit in the fourth quarter of 2022, according to an earnings guidance released by the company Friday.
 
The figure is down 69 percent on year and is the worst quarterly result since the third quarter of 2014. It is far below the consensus estimate of 6.9 trillion won as compiled by FnGuide.
 
Sales are forecast to be 70 trillion won, down 8.58 percent on year, and short of the market expectation of 72.7 trillion won.
 
No breakdowns were provided.
 

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]