Samsung Electronics’ net profit slumps 24% as memory-chip prices sink

SEOUL — Samsung Electronics Co. saw profits slump as prices of memory chips, its main source of income, have plunged as the semiconductor industry goes through a downturn. 

The South Korean tech giant on Thursday posted a 23.6% decline in net profit in the third quarter compared with the prior year, owing to weak demand for tech products including PCs and smartphones. The weakness echoes sour results seen elsewhere this week with other tech giants like Google’s Alphabet Inc.
GOOGL,
-9.14%

GOOG,
-9.63%,
 Microsoft Corp.
MSFT,
-7.72%
 and Facebook  parent Meta Platforms Inc.
META,
-5.59%.