Samsung Electronics Co.’s profit slumps by 69% amidst a fall in chip prices and demand

South Korea’s largest company has been grappling with weak demand for memory chips, smartphones, and displays as consumers tamp down holiday spending amid soaring interest rates and inflation.

Samsung Electronics Co.’s profit dropped by 69% in its worst fall in more than a decade, as an economic slowdown pummeled memory chip prices and demand for IT gadgets and servers.