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Samsung’s Profit Is Latest Tech Casualty to Recession Fears

  • Memory chip revenue misses by 22% as electronics demand wavers
  • Tech giants including Hynix have warned of growing uncertainty
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Samsung Profit Misses as Recession Fears Hit Consumer Demand
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Samsung Electronics Co.’s quarterly profit missed estimates after cooling demand for consumer gadgets hit its chip division, spurring concerns about the outlook for Big Tech in 2022.

The world’s largest producer of smartphones and displays reported a less-than-expected 16% rise in net income, reflecting how it’s still navigating rising uncertainty around a potential global recession. Revenue from its semiconductor division, which as the world’s largest producer of memory is an indicator of electronics demand, missed analysts’ estimates by about 22%.