Samsung sees a sharp 40% drop in profits

South Korean electronics maker Samsung Electronics’ net profit fell 37.8% year-on-year to $4.3 billion.

South Korean electronics maker Samsung Electronics’ net profit fell 37.8% year-on-year to 5.84 trillion won (about $4.3 billion) in the past quarter, the company said in a statement.

The company’s revenue fell 12.2% to 67.4 trillion won ($49.9 billion) in the period under review. Operating profit was 2.43 trillion won ($1.8 billion), down 4.5 times year-on-year.

The company previously forecast third-quarter revenue of 67 trillion won ($49.6 billion) and operating profit of 2.4 trillion won ($1.77 billion).

Samsung predicts demand in the smartphone market will recover next year as consumer sentiment stabilises, with the premium segment also expected to continue.

Samsung is a multinational technology company headquartered in South Korea. It’s known for producing a wide range of electronic products, including smartphones, televisions, appliances, and more. Samsung is one of the world’s leading smartphone manufacturers, and it’s a major player in the global technology industry.