SEOUL — Samsung Electronics Co.’s 005930, -3.63% fourth-quarter operating profits slumped as the company’s mainstay memory-chip and smartphone businesses grappled with a sharp drop-off in demand and high inventories. On Tuesday, the South Korean tech giant reported a 69% drop in operating profit in the fourth quarter compared with the prior year due to a decline in demand for tech products including PCs and smartphones and the semiconductors that go inside them.

Source: Wall Street Journal January 31, 2023 02:48 UTC