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Samsung’s operating profit collapsed by 95%, amounting to only $455 million – this has not happened since the crisis of 2009

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Samsung’s operating profit collapsed by 95%, amounting to only 5 million – this has not happened since the crisis of 2009

Sales of smartphones Samsung Galaxy S23 please. The popularity of new generation flagships has grown a lot compared to the Galaxy S22, but this only slightly smoothed out the disastrous first quarter of 2023 for the South Korean manufacturer.

What is known

Like many other companies, Samsung has faced the consequences of declining demand for semiconductor products. This was the key factor in the decline in financial results. Other market players, like Qualcomm, are seeing an increase in chip stocks.

According to the results of the first quarter of 2023, the South Korean technology giant was able to record sales at the level of 63 trillion Korean won ($47.82 billion). The indicator fell by 19% compared to the same period in 2022 ($59.12 billion).

But operating income is even more of a concern. In the reporting period, it amounted to only 600 billion Korean won ($455 million). The last time this happened to Samsung was 14 years ago. Compared to the first quarter of 2022, operating profit fell by more than 95%.

Source: Samsung





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