Samsung Electronics third-quarter profit may fall by 25%, the first year-on-year decline in nearly three years, as the economic downturn has weakened demand for electronic equipment and its chips. According to a report written by 22 Refinitiv SmartEstimate analysts, Samsung's operating profit, the world's largest maker of memory chips and smartphones, may fall to 11.8 trillion won (about 59 billion yuan) in the July-September quarter.
Greg Roh, head of research at Hyundai Motor Securities, said that as the world's largest manufacturer of memory chips, the number one shipment of TVs and mobile OLED displays, and smartphones, Samsung is highly sensitive to the economy, and profits can easily match demand.
This will be Samsung’s first profit decline since the first quarter of 2020 at the beginning of the epidemic, and the lowest quarterly profit level since the first quarter of 2021.
Seven analysts on average expected operating profit from Samsung's chip business to fall by nearly a third to 6.8 trillion won (about 34 billion yuan). In addition, Samsung's mobile business profits are also expected to decline, with profits expected to drop 17% to 2.8 trillion won (about 14 billion yuan).
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