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Samsung profit falls, as demand for memory chips slows

31 Oct 2023 02:42pm
Picture for illustrative purposes - FILE PIX
Picture for illustrative purposes - FILE PIX
SEOUL - After another loss in its chip business, South Korean electronics giant Samsung again posted a significant drop in profits in the third quarter of 2023, reported dpa news.

Profits fell by 38 per cent year-on-year to 5.84 trillion won (US$4.32 billion), the market leader in memory chips and smartphones from South Korea announced on Tuesday.

Although the semiconductor division reported an operating loss for the third quarter in a row, the loss was lower compared to the previous three months. The company said that a slight rise in demand for Samsung's products had helped the bottom line.

There is also growing recognition in the industry that memory chips have bottomed out. Samsung's sales fell 12 per cent to 67.4 trillion won.-BERNAMA

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