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Samsung Electronics' operating profit falls 35 pct in Q4

SEOUL
2024-01-09 11:36

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SEOUL, Jan. 9 (Xinhua) -- South Korea's tech firm Samsung Electronics saw a double-digit fall in the fourth-quarter operating profit, the company said Tuesday.

Preliminary operating profit dropped 35 percent from a year earlier to 2.8 trillion won (2.1 billion U.S. dollars) in the October-December quarter.

It missed market expectations of about 3.9 trillion won (3 billion dollars), but was higher than an operating profit of 2.43 trillion won (1.9 billion dollars) in the previous quarter.

Preliminary revenue shrank 4.9 percent over the year to 67 trillion won (51.2 billion dollars) in the fourth quarter.

Net income and detailed earnings in each business unit will be unveiled later this month.

For the whole year of 2023, Samsung's preliminary revenue reduced 14.6 percent to 258.16 trillion won (197.1 billion dollars) while its operating profit plunged 84.9 percent to 6.54 trillion won (5 billion dollars).
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