Samsung Electronics has reported a smaller-than-expected operating profit for the second quarter as higher inflation damps consumer demand for mobile phones and other electronic gadgets.
The company is bracing for waning demand in response to rapid price rises worldwide following the pandemic-driven surge in the tech sector over the past two years.
Operating profit for the world’s biggest smartphone and memory chipmaker was estimated at Won14.1tn ($10.73bn) in the April-June period, up 12 per cent from a year earlier.
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