Samsung Expects Earnings to Slump as Consumer Spending Slips –

SEOUL—Samsung Electronics is expected to see its third-quarter profits slump as the company’s mainstay memory-chip and smartphone businesses feel the effects of curbed consumer spending on tech products in the midst of high inflation and other economic pressures.

On Friday, the tech company projected third-quarter operating profit of 10.8 trillion South Korean won, or roughly the equivalent of $7.7 billion, a 32% drop from the prior year’s 15.8 trillion won.