Ekholm Calls for Innovation Focus in Europe
Ericsson CEO Borje Ekholm said that Europe may not develop any leading industries if policymakers keep prioritizing regulation over innovation.
Samsung’s final quarter of 2022 was hit by falling demand for consumer products and a drop in memory chip prices. Its operating profit is forecast to plunge 69% year-on-year to an eight-year low.
In a quarterly earnings guidance, Samsung estimates that its Q4 operating profit will fall to KRW4.3 trillion ($3.4 billion) from a record of KRW13.9 trillion in the same period in 2021. It expects revenue in the October to December period to fall 8.6% to KRW70 trillion. The company will release its full Q4 earnings, with a breakdown by division, later in the month.
Macroeconomic instability hurt demand for tech products worldwide, resulting in a glut of chips and putting downward pressure on prices. TrendForce predicted in September prices of DRAM chips would decline 13% to 18% in Q4. Earlier, Samsung vice chairman and co-CEO Han Jong-hee told The Wall Street Journal that rising interest rates and inflation would slow demand for consumer products throughout 2023.