The daily business briefing: January 6, 2023

Samsung says slowing demand hurt late 2022 profits, the FTC proposes banning noncompete clauses, and more

Samsung products
(Image credit: Alex Wong/Getty Images)

1. Samsung says slowing demand hurt last quarter profits

Samsung Electronics said Friday that it expected to report that its profits in the last three months fell 69 percent to an eight-year low due to a weakening global economy that has hurt demand for electronic devices. Samsung said a fall in demand for its memory chips, as device makers cut their stocks, also hurt. Analysts said the South Korean tech giant's profits would probably shrink again in the current quarter. Samsung, the world's largest memory chip, smartphone, and TV maker, is the latest major technology company to report business troubles stemming from global economic weakness. Its announcement fueled concerns about looming quarterly results from other big technology companies.

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Harold Maass, The Week US

Harold Maass is a contributing editor at The Week. He has been writing for The Week since the 2001 debut of the U.S. print edition and served as editor of TheWeek.com when it launched in 2008. Harold started his career as a newspaper reporter in South Florida and Haiti. He has previously worked for a variety of news outlets, including The Miami Herald, ABC News and Fox News, and for several years wrote a daily roundup of financial news for The Week and Yahoo Finance.