Chip hit to Samsung's profits

Samsung's quarterly profit fell to its lowest level in 8 years due to falling memory chip prices and decreasing demand for electronic devices. Samsung's balance sheet presented a negative outlook due to developments on the chip side in the fourth quarter. The company's fourth-quarter profit fell 69 percent to 4.3 trillion won ($3.4 billion). Analysts who participated in a Bloomberg survey expected the company to be at 6.7 trillion won ($5.3 billion). Samsung's sales in the fourth quarter also fell 9 percent compared to the same period last year, reaching 70 trillion won ($55.3 billion). Pointing out that it is in a difficult period for mobile phone and memory chip sales, analysts emphasized that Samsung's quarterly profit is likely to fall in the first quarter of 2023. "All of Samsung's businesses have had a difficult time, but chips and the mobile side have been particularly difficult," said BNK Investment & Securities analyst Lee Min-hee.