Samsung Electronics’ Q4 profit falls 34% amid weak consumer demand Reuters via

© Reuters. Attendees line up to enter the Samsung Electronics booth during CES 2023, an annual consumer electronics trade show, in Las Vegas, Nevada, U.S. January 6, 2023. REUTERS/Steve Marcus/File Photo

SEOUL (Reuters) -Samsung Electronics reported a 34% drop in fourth-quarter profit on Wednesday, as weak consumer demand for TVs and home appliances outweighed a recovery in the global memory chip market.

The world’s biggest maker of memory chips said operating profit fell to 2.8 trillion won ($2.11 billion) in October-December, versus 4.3 trillion won a year earlier.

That was in line with Samsung (KS:)’s own estimate of 2.8 trillion won flagged earlier this month.

Revenue fell 4% to 67.8 trillion won.

($1 = 1,328.5300 won)