Samsung Q2 plummets
July 11, 2023
By Chris Forrester
South Korea’s electronics giant Samsung has issued its latest financial guidance ahead of its formal Q2 results, and the numbers are troubling.
Samsung says it expects a drastic decline in profits. The consolidated figures show an operating profit of KRW0.5-0.7 billion (about €413.3 million), which is more than 95 per cent down on the same Q2 period last year.
Samsung’s overall sales figures are also down, both quarterly and yearly. Their estimates are between 59 and 61 trillion KRW in consolidate sales, which is about $46 billion for the quarter-year. Its consolidated operating profit expectations are for approximately 0.6 trillion Korean won
The last time Samsung had profits this low was in Q1 2009 when the number stood at KRW590 billion. The Korean company will post its full numbers on July 27th.
Samsung is expected to scale back on the production of memory chips due to a global over-supply and thus weak demand and geopolitical uncertainties.