A profit warning by Korean electronics maker Samsung is reverberating through the stock market, bringing down some big technology companies.
Samsung said Tuesday that fourth-quarter operating profit will probably be 35% lower than a year earlier, lower than what analysts were expecting when the world’s largest maker of memory chips, smartphones, and televisions reports earnings later this month. The shares closed down 2.4% in South Korea. They don’t have American depositary receipts.
The worries about softer demand carried over to U.S. shares. Apple slipped 1% just after the market opened. Meta, the parent company of Facebook, was down 0.4%. Amazon and Google-parent Alphabet were little changed. The tech-heavy Nasdaq index opened 0.6% lower.
Samsung has failed to capitalize on the surge in demand for artificial intelligence chips over the past year. That stands in contrast to Nvidia, which closed at a record high on Monday and was trading down 0.8% early.
Samsung Profit Warning Spreads Fear Through Tech. Apple, Nvidia, Meta Stocks Falling.
A profit warning by Korean electronics maker Samsung is reverberating through the stock market, bringing down some big technology companies. Samsung said Tuesday that fourth-quarter operating profit will probably be 35% lower than a year earlier, lower than what analysts were expecting when...
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