Chips are down in Samsung's earnings slump
STORY: Samsung Electronics' third-quarter profit fell 32%.
Friday's (October 6) results were worse than expected.
Fears of a global recession meant demand was down for electronic devices and the chips that go in them.
Estimated profit fell to $7.67 billion from July to September - down from $11.2 billion a year earlier.
It was Samsung's first year-on-year decline in nearly three years.
Companies and consumers face rising inflation and have cut their spending.
Memory chip buyers like smartphone and PC makers have held off on new purchases.
Analysts also said Samsung's smartphone shipments dropped about 5% year-on-year in the third quarter.
That despite the South Korean firm launching new foldable phones during the period.
Samsung's shares have fallen nearly 30% this year.
