Samsung’s quarterly profit sinks to 8-year low amid global slowdown

South Korean multinational conglomerate, Samsung electronics co’s quarterly profit sank to an eight-year low amid the global economic slowdown.

The world’s largest memory chip, television and smartphone manufacturer, announced in a statement that its October-December operating profit fell 69 per cent to 4.3 trillion won from 13.87 trillion won a year earlier.

Following the company’s announcement, analysts said that they expect Samsung’s profit in the current quarter to sink again as the global economic slowdown sees no signs of improvement.

Rising interest rates across the world and surging inflationary pressure have severely dented global demand for a wide range of electronic goods, especially smartphones, which are Samsung’s mainstay in addition to semiconductors that it sells to rival companies like Apple.

With no signs of improvement in the global economic situation, analysts fear that the global tech industry will face a prolonged challenge which could trigger more layoffs in the near future.