Samsung Electronics, the global technology powerhouse, announced a projected 13 percent decrease in its revenue for the third quarter of 2023 compared to the same period last year. The estimated revenue is 67 trillion won, down from 76.78 trillion won in Q3 2022.
Samsung Electronics, in a preliminary earnings report, has revealed a substantial 78 percent anticipated decline in operating profit for Q3 2023, a departure from the norm for this South Korean tech giant. The plunge in profits is attributed to the persistent global chip glut, which has impacted what is typically Samsung’s lucrative business sector.
Samsung, recognized as the world’s leading memory chip and smartphone manufacturer, foresees its operating profit to dwindle to approximately 2.4 trillion won (approximately US$1.8 billion) in the July-September period of 2023. This figure represents a significant drop from the operating profit of 10.85 trillion won reported during the same timeframe last year.
Further details regarding Samsung Electronics’ financial performance for Q3 2023 will be disclosed later this month when the company releases its comprehensive earnings report.