Samsung Electronics Attributes Disappointing Quarterly Profit to Chinese Competition, IP Thefts

Published on October 28, 2024

News Analysis Samsung Electronics reported a sharp drop in quarterly earnings, citing fierce competition from Chinese chipmakers and technology leaks as crucial factors behind the downturn. On Oct. 8, the company announced its third-quarter (July–September) earnings of 9.1 trillion won (about $6.8 billion), a 12.8 percent drop from the previous quarter and significantly below the market expectation of a 3 percent growth. Although it didn’t disclose specific division details, such as semiconductors, the company issued a separate statement explaining that its chip business was dragging down overall performance due to increased supply from Chinese memory chip companies. Moreover, Lee Chan-hee, chairman of Samsung’s Compliance Oversight Committee, highlighted technology leaks as a significant concern in the committee’s recently released 2023 annual report....

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‘Unprecedented’: Monthly Food Bank Use in Canada Reaches Record 2 Million Visits

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Georgia Woman Sentenced for $30 Million COVID-19 Unemployment Benefit Scam

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A woman from Vienna, Georgia, has been sentenced to 12 years in prison for taking part in a scheme to scam the Georgia Department of Labor (GaDOL) out of tens of millions of state benefits aimed at helping unemployed people during the COVID-19 pandemic.Tyshion Nautese Hicks, 32, and co-conspirators carried out a scheme that resulted in “more than 5,000 fraudulent unemployment insurance (UI) claims