Samsung Electronics expects its fourth-quarter operating profit to fall 35% from a year earlier, missing market expectations and dampening hopes for an earnings recovery led by its semiconductor business.
The world’s largest maker of memory chips, smartphones and televisions said in a preliminary earnings forecast Tuesday that its operating profit is expected at 2.800 trillion won ($2.13 billion) for the October-December quarter, compared with KRW4.310 trillion for the same period a year earlier.
The company’s operating-profit estimate missed the FactSet-compiled consensus forecast of KRW3.797 trillion for the December quarter.
The company is set to release its full quarterly results later this month. Revenue is expected to fall 4.9% to KRW67.000 trillion for the quarter, the South Korean tech giant said.
For 2023, operating profit is expected to plunge 85% to KRW6.540 trillion, while revenue is forecast to fall 15% to KRW258.160 trillion.
Meanwhile, the South Korean tech giant Samsung Electronics today shared its vision for how artificial intelligence (AI) technology will enable people to experience their devices more intuitively and conveniently than ever before. Presenting these ideas at a press conference at CES® 2024, Samsung teamed up with key partners to outline the technology behind this vision and how new products and services use AI capabilities to make life easier.