Electronics company Samsung will report its lowest quarterly profits in the last eight years.
The company has yet to release its Q4 2022 financial results but has shared guidance on its website.
The company likely made 4.3 trillion Korean won (approx $4.6 billion CAD) in the last quarter of the year. According to Reuters, this means profits between October and December likely fell by 69 percent compared to a year ago, when it reported 13.87 trillion won in operating profit. Sales are approximately 70 trillion won (approx $75 billion CAD), an 8.6 percent decrease year over year.
“Amid continued external uncertainties, including a potential global economic downturn, overall earnings decreased sharply quarter on quarter as we saw a significant drop in the memory business results due to lackluster demand and weaker sales of smartphones,” Samsung said in a statement.
The news comes as the company is preparing to release its Galaxy S23 series, reportedly set to launch in early February.
