Samsung has published its preliminary Q3 results, reporting an operating profit of 2.4 trillion won, which is a significant decline from the 10.85 trillion won recorded in the same period in 2022.

This profit decline was primarily attributed to the global economic slowdown and reduced demand for chips. The chip industry experienced a drop in prices as chip demand slowed down due to the pandemic. In response, Samsung shifted its focus to more lucrative and advanced chips like DRAM while reducing the production of older legacy chips.

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Despite the profit decline, Samsung’s Q3 profit surpassed expectations, exceeding the forecast of 2.1 trillion won. The comprehensive earnings report for Q3 2023 is expected to provide a more detailed financial overview and will be released by the end of the month.

Samsung is involved in various industries, including semiconductor chip production, OLED panels, camera sensors, and more.