South Korean electronics maker Samsung Electronics’ net profit fell 37.8% in the third quarter compared to the same period last year. According to the company’s report, it amounted to approximately $4.3 billion.
Samsung’s revenue during this time decreased by 12.2% and amounted to about $49.9 billion. Operating profit reached $1.8 billion, a 4.5-fold decrease in annual terms.
Previously, Samsung resumed financial support to its partners for the sale of the company’s equipment in the Russian Federation. The plan, according to which additional cash payments are expected for the sale of the company’s smartphones, tablets and other devices, is back in operation.
Samsung was one of many foreign companies that limited their activities in Russia after the start of the Russian special operation in Ukraine. In March 2022, the South Korean manufacturer announced the suspension of the supply of phones and chips to the country due to logistical difficulties caused by sanctions.
According to Mobile Research Group, in the first half of 2022, the manufacturer accounted for approximately 27% of physical smartphone sales in Russia. This year’s results for the same period were only 16%. At the same time, Chinese suppliers increased their share from 50% to 70%.
Author:
Karina Pardaeva
Source: RB
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