As earnings plunge, Samsung says chip demand may recover in late 2023

SEOUL: Samsung Electronics Co Ltd reported a 31% drop in third-quarter profit on Thursday and said geopolitical uncertainties are likely to dampen demand until early 2023, as the global economic downturn slashed appetite for electronic devices.

The world’s top maker of memory chips and smartphones said that despite the headwinds in the global economy, demand for its semiconductors may recover later next year as new data centres and computers require more memory.