Deirdre O Meara 
Samsung Electronics recently released its fourth quarter 2022 results, reporting a shocking 69% to plummet in operating profit compared to the same time last year. Revenue also fell 8% to 70.46 trillion won (£46.25 billion). This troubling news highlights the strength of the global economic impact due to Covid-19.
The South Korean tech giant had previously been thriving during the first two years of the pandemic thanks to its dual strengths in the consumer electronics and computer memory chip markets.
However, now that consumers are beginning to cut back on their spending, demand for Samsung products has decreased significantly. This is particularly evident in the company’s earnings report which shows a sharp drop in revenue and profit from last year’s figures.
The drop in profits not only impacts Samsung, but it reflects a more significant trend across many industries worldwide as people struggle economically due to the pandemic.
Many sectors have reported similar drops in sales and profits over the past year including airlines, hospitality, and retail businesses. This has caused an overall decrease in global economic activity that has led to job losses and financial insecurity for many individuals worldwide.
