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.

Amid chip overproduction crisis, Samsung’s quarterly profit plunged 95%

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

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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.

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