Samsung's earnings plunge on big drop-off in chip demand
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Samsung Electronics reported a worse-than-expected 32% drop in quarterly operating earnings on Friday.
The company says an economic downturn slashed demand for electronic devices and the memory chips that go in them.
Samsung's memory chip shipments likely came in below already downgraded expectations and prices could fall further this quarter.
Analysts say customers are reacting to rising inflation, higher interest rates and the impact of Russia's invasion of Ukraine.
TEXAS GOV. ABBOTT, SAMSUNG ANNOUNCE $17B CHIP FACTORY COMING TO TAYLOR