Samsung reports decline in profit but anticipates improvement driven by chips

Samsung Electronics’ office in Seoul (Ahn Young-joon/AP)

Samsung Electronics has reported an annual 34% decline in operating profit for the last quarter as sluggish demands for its TVs and other consumer electronics products offset hard-won gains from a slowly recovering computer chip market.

The South Korean technology giant said it expects its business to improve throughout 2024, forecasting larger demands for semiconductors that power artificial intelligence (AI) features increasingly used in smartphones, personal computers and other products.