Samsung in the first quarter of this year received a record profit since 2009: quarter on quarter it collapsed by 95%. The company explains the situation with a decrease in demand and prices for chips, which was a consequence of the crisis of overproduction of semiconductors.
South Korean tech giant Samsung has released its financial statements for the first quarter of 2023.
According to the document, the company’s operating profit collapsed by 95% qoq. Samsung managed to make a profit of 479 million dollars, the lowest since 2009.
Samsung attributed the drop in profits to a drop in prices and demand for chips, which was caused by a semiconductor overproduction crisis that began in the second half of 2022. Samsung’s chip-making department , based on first quarter 2023 results, showed a loss of $3.4 billion.
Samsung’s financial performance was largely in line with analysts’ expectations, so the company’s shares rose slightly. As of 19:00 Moscow time, the company’s securities have risen in price by 0.78%.
Author:
Kirill Bilyk
Source: RB
I am a professional journalist and content creator with extensive experience writing for news websites. I currently work as an author at Gadget Onus, where I specialize in covering hot news topics. My written pieces have been published on some of the biggest media outlets around the world, including The Guardian and BBC News.
