Samsung Electronics Co Ltd's first-quarter profit is expected to plunge 92% to the lowest for any quarter in 14 years, as a chip glut worsens and buyers like data centres and computer makers slow purchases amid a global economic slowdown.
Samsung signage is seen in a store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kellyfirst-quarter profit is expected to plunge 92% to the lowest for any quarter in 14 years, as a chip glut worsens and buyers like data centres and computer makers slow purchases amid a global economic slowdown.
Samsung, the world's biggest maker of memory chips, TVs and smartphones as of 2022, is a bellwether for global consumption trends. It is expected to announce preliminary first-quarter results on Friday and full results later this month, in what is typically a seasonally weak period. That is lowest since a 590 billion won profit in the first quarter of 2009, according to company data, and compares with an operating profit of 14.12 trillion won last year.
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