• About Us
  • Write For Us
  • Advertising
  • Support
  • Contact Us
September 24, 2023 12:10 pm CDT
Heartland Newsfeed
  • Illinois
    • Local
      • Capital Area
      • East Central Illinois
      • West Central Illinois
    • Regional
      • Chicagoland
      • Metro-East
      • Northern Illinois
      • Quad Cities
      • Southern Illinois
    • Obits
    • Executive Watch
    • Legislative Watch
    • Road Conditions
      • Illinois
    • Weather Closings
      • Central Illinois
  • Missouri
    • Regional
      • Northeastern Missouri
      • East Central Missouri
      • St. Louis Metro
      • Southeast Missouri
    • Executive Watch
    • Legislative Watch
    • Weather Closings
      • Greater STL Metro (IL/MO)
    • Road Conditions
      • Missouri
  • Weather
  • National
  • World
  • Sports
  • Entertainment
  • OPINION
  • Radio
    • Affiliates
    • Network Schedule
    • Network Streams
    • Podcasts
  • Features
    • Business Directory
    • Classifieds
      • Current Ads
      • Job Board
        • Job Listings
        • J2CTalroo
        • Post a Job
        • Receive Alerts
        • ZipSearch
    • Community Calendar
    • Live Video
    • Newsfeeds
    • Puzzles & More
  • Store
  • Deals
  • Calendar
No Result
View All Result

No products in the cart.

Heartland Newsfeed
No Result
View All Result

Samsung announces disappointing 3Q results

Kim Yoon-kyoung, Kim Tae-gyu and United Press International by Kim Yoon-kyoung, Kim Tae-gyu and United Press International
October 12, 2022
in Business & Lifestyle, Business News, Financial News
Reading Time: 2 mins read
Donate
0
Samsung
JAMES ATOA/UPI FILE PHOTO JH Han, vice chairman and CEO of Samsung, speaks on stage during the Samsung press conference at the 2022 International CES, at the Mandalay Bay Convention Center in Las Vegas January 4.

SEOUL (UPI) — South Korea’s Samsung Electronics announced Friday that its third-quarter operating profit is expected to be $7.66 billion, down a whopping 31.7% from a year ago.

It’s the lowest profitability level for the company since the first quarter of 2021 and falling short of the $8.3 billion market consensus leading up to the announcement.

The Seoul-based company said, however, that revenue remained steady at $53 billion during the July-September period, a slight 2.73% increase year-on-year.

Weakening demand for semiconductors, smartphones, and computers appears to be weighing on the performance of the world’s largest manufacturer of memory chips and mobile phones.

Samsung did not provide a breakdown, but U.S. chip industry tracker ICInsights expected that Samsung’s 3Q semiconductor sales to be $18.29 billion, down 19% from a year before.

If so, it would mean the company would be ceding its top position in semiconductors to Taiwan’s TSMC, which reported 3Q sales of $19.4 billion, a 48% increase from last year.

It would mark the first time that TSMC outperformed its primary rivals Samsung and Intel in quarterly sales.

“Consumers are tightening purse strings as the global economy enters a downturn. In such an environment, many high-tech companies are going to suffer,” South Korean consultancy Leaders Index CEO Park Ju-gun told UPI News Korea.

“Samsung Electronics is no exception as the chip industry languishes due to diminished demand for semiconductors. By contrast, TSMC is faring quite well thanks to its flourishing foundry business. This trend is likely to continue for a while,” he added.

Kim Yoon-kyoung
+ posts
    This author does not have any more posts.
Kim Tae-gyu
+ posts
    This author does not have any more posts.
United Press International
+ posts

United Press International is an international news agency whose newswires, photo, news film, and audio services provided news material to thousands of newspapers, magazines and radio and television stations for most of the 20th century.

  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Amazon to hire 250,000 workers for holidays
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    14 dead after plane crashes in Amazon
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Coinbase to lay off more than 900 employees
  • United Press International
    https://www.heartlandnewsfeed.com/author/upi/
    Federal Reserve raises interest rate by 0.75%

Share this:

  • Twitter
  • Facebook
  • LinkedIn
  • Reddit
  • Tumblr
  • Telegram
  • Print
  • Email

Like this:

Like Loading...
Tags: business newsfinancial newsICInsightsLeaders IndexPark Ju-gunSamsungSamsung ElectronicsSouth KoreaTaiwanTSMCworld news
Share197Tweet123Share5Send
  • Workforce training center opens in Litchfield

    1445 shares
    Share 578 Tweet 361
  • Missouri law to crack down on porch pirates

    946 shares
    Share 378 Tweet 237
  • Missouri Dems critical of proposed tax cut

    935 shares
    Share 374 Tweet 234
  • No management pay raises in UPS deal

    912 shares
    Share 365 Tweet 228
  • McARDLE PAPERS: The most corrupt committee in the national Libertarian Party

    893 shares
    Share 357 Tweet 223

OPERATING HOURS

Online all the time 
Office Hours: 8 AM to 8 PM

Sitemap | Published Press | Privacy Policy
Staff Email | Independent Media | Buy traffic for your website

LIVE WEBSITE VIEWERS

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

No Result
View All Result
  • News
    • Politics
    • Business
    • World
    • Science
  • Entertainment
    • Gaming
    • Music
    • Movie
    • Sports
  • Tech
    • Apps
    • Gear
    • Mobile
    • Startup
  • Lifestyle
    • Food
    • Fashion
    • Health
    • Travel

Some rights reserved 2017-2023 by Heartland Newsfeed, a subsidiary partnership by Heartland Internet Media Networks and Heartland Media Group of Central Illinois LLC. Content published by Heartland Newsfeed staff is covered by the BipCot NoGov license. This allows use and re-use by anyone except governments and government agents. License on record. JNews theme designed and developed by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

WP Radio
WP Radio
OFFLINE LIVE
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00
%d bloggers like this: