Samsung sees profit plunge by 69% as chip prices slump

The world's biggest maker of memory chips, smartphones and TVs forecast its operating profit for the period fell to around 4.3tn won. It comes as the global economic slowdown hits memory chip prices and demand for electronic gadgets. The South Korean company said it saw a bigger-than-expected fall in demand for computer chips as customers cut their stocks of the key components for digital devices. "For the memory business, the decline in fourth-quarter demand was greater than expected as customers adjusted inventories in their effort to further tighten finances," Samsung said in the statement. Meta chief executive Mark Zuckerberg said the cuts were "The most difficult changes we've made in Meta's history".

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