Samsung warned that operating profit in the third quarter likely plunged 78% as it continues to contend with lower than usual demand for consumer devices.
The South Korean tech giant released earnings estimates Wednesday, forecasting operating profit of about 2.4 trillion Korean won for the three months ended September. That compares with 10.85 trillion won in the same period last year. Revenue was also projected to drop 12.7% from a year ago.
After a historic supply shortage during Covid, the global semiconductor industry is now seeing a glut in some areas that has driven losses for Samsung, the world’s largest memory chip and smartphone maker. According to consultancy Bain, “the semiconductor industry’s post-pandemic rebound boosted capacity to the extent that some foresee an oversupply.” In a report last month, Bain suggested the trend was merely cyclical, attributing it to “normal” ups and downs in the industry.
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