Samsung Electronics published its earnings guidance report for Q4 2022 and the preliminary numbers are not looking good. Samsung reported a consolidated operating profit estimate of KRW 4.3 trillion ($3.38 billion) for the October-December quarter. The figure represents a 69% dip compared to Q4 2021 values. The estimated Q4 profit would be Samsung’s lowest since Q3 2014.
Quarterly revenue estimates are down by 9% to KRW 70 trillion ($55 billion). Decreased demand for smartphones and memory chips in particular are the main drivers for Samsung’s negative financial results. Analysts predict dwindling profits for the upcoming Q1 2023 period due to the same factors that caused this quarter’s slumps.