Samsung Sees Smaller Smartphone Market In 2023; Won’t Cut Chip Spending Despite Demand Slump

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The Street

By Martin Baccardax “Amid prolonging geopolitical issues, continued inflation, and the continued economic slowdown, we expect the smartphone market to contract in 2023,” said Samsung vice president Daniel Araujo. Samsung Electronics shares finished sharply lower in South Korean trading Tuesday after the world’s biggest chipmaker confirmed its weakest quarterly profit in eight years and said it would maintain capital investment levels despite a slump in global demand. Samsung, which published profit estimates for the December quarter earlier this month, said operating earnings came in at 4.3 tr…

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