Samsung profit falls 35% on weak demand as chip weakness persists

Samsung Electronics Co. posted its sixth straight quarter of declining operating profit, reflecting weak consumer demand and stoking uncertainty over the timing of a broader tech recovery.

Korea’s largest company reported a 35% fall in operating income to 2.8 trillion won ($2.1 billion), about 24% shy of estimates. Revenue slid more than anticipated to 67 trillion won. For all of 2023, Samsung reported its slimmest operating profit in 15 years.

The results underscore how demand for smartphones and the memory chips that power modern electronics remains sluggish given economic uncertainty.