Just had this happen to me. I found all the contacts in the Outlook deleted items folder and restored them back to the outlook contacts folder. Seems like the update caused outlook to delete all the contacts.
Same problem here on a Galaxy S10. Most of my Outlook contacts gone and all in the deleted items folder.
I have found a post about this during the beta testing from a month ago. How did this update get released like this and a month late its still not fixed. Pathetic effort Samsung.
Same here on a Galaxy S10.
Happened last week right after the upgrade to Android 12.
I managed to restore them but came back agin this morning.
I've cut the contact sync from Outlook app and add a Exchange account to see if the issue come again.
That's a real shame for everyone.... glad most of us got them back.
When you say "deleted folder", I presume you mean in the browser at outlook.com ? I found some there, and some in my Samsung Contacts app, restored some from here. Many were destroyed and "unrecognised" or a contact with the number and data missing 😞
I'm having the same issue here. I didn't lose all my contacts, but I lost most. And the biggest problem is that they don't even appear in the list of deleted contacts in the web app https://outlook.live.com/people, so I don't know how to recover them.