The South Korean giant has announced the closing results for 2023. And they are not particularly good!
Last year was astonishing in the world of smartphones, with, for the first time in a decade, Samsung losing its place as world number 1, conquered by its long-time rival Apple. A signal of the difficult times that the South Korean group is going through, and which are confirmed today by the communication of Samsung’s results for the year 2023.
A fourth quarter down
There must not be much laughter at Samsung headquarters at the moment. The electronics giant has just released its fourth quarter 2023 results, and they are not very good.
Its operating profit fell by 34% between last October and December, going from 4,300 billion won (2.97 billion euros) to 2,800 billion won (1.94 billion euros).
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Samsung on a downward trend
The group is also counting on its new series of high-end smartphones Samsung Galaxy S24, which incorporate generative AI for the first time with Galaxy AI. Double-digit growth in sales is thus hoped for by the Samsung firm. Likewise, the Z Fold and Z Flip foldable phones are expected to boost the group’s revenues in the sector.
The year 2023 was generally less good than the previous one, with a decreasing annual turnover, which stood at 258,940 billion won (or approximately 179 billion euros). Operating profit collapsed at the same time by 84.9%, to 6,570 billion won (or approximately 4.54 billion euros). Samsung hasn’t posted such low profits in a decade. So, will the firm be able to bounce back in 2024?
Source : Reuters, Engadget
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