Samsung Q3 net profit fell 23% as chip, smartphone demand slumps - Nikkei Asia

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South Korean tech institution promotes Lee Jae-yong to chairman

Profits astatine Samsung Electronics declined successful the 3rd quarter.   © Reuters

KIM JAEWON, Nikkei unit writerOctober 27, 2022 10:27 JST | South Korea

SEOUL -- Samsung Electronics said connected Thursday that its nett net successful the 3rd 4th fell arsenic request slumped for semiconductors, smartphones and location appliances amid planetary ostentation and slowing economies, arsenic it announced the assignment of Lee Jae-yong to president of the planetary tech company.

"The committee cited the existent uncertain planetary concern situation and the pressing request for stronger accountability and concern stableness successful approving the recommendation," Samsung said successful a statement. Lee had served arsenic vice president and volition present capable the presumption that had been vacant aft the decease of his begetter Lee Kun-hee successful 2020.

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