Samsung’s profit plummets amid global economic woes

SEOUL, South Korea (AP) — Samsung Electronics says its profit for the last quarter plummeted nearly 70% as a weak global economy depressed demand for its consumer electronics products and computer memory chips. The South Korean company’s operating profit of $3.5 billion for the three months through December fell 69% from a year earlier. That was its lowest quarterly profit since the third quarter of 2014. Revenue fell 8% to $57.2 billion. The company thrived early in the pandemic because its parts and products were needed by millions of people who switched to working from home. But the economic shock of Russia’s war on Ukraine disrupted supply chains and major economies are seeing higher inflation and slower growth.