Samsung has reported KRW 0.67 trillion ($527 million) in operating profit for the second quarter of 2023, which is just slightly higher than last quarter’s, thanks to its memory business posting a narrower loss. That figure is also, however, much, much smaller than the KRW 14.1 trillion ($10.8 billion) operating profit it posted in July 2022. In its latest earnings report, the tech giant also revealed a consolidated revenue of KRW 60.01 trillion ($47 billion), which represents a 6 percent decline from the previous quarter’s and a far cry from last year’s record-breaking KRW 77.2 trillion ($59.4 billion).
The company blames the drop in revenue mostly to a decline in smartphone shipments “as the effect of the Galaxy S23 launch” in the first quarter faded. If you’ll recall, Samsung’s mobile division performed well the previous earning period due to the strong sales of the Galaxy S23 series, specifically the Galaxy S23 Ultra. Now, the division’s consolidated revenue has slipped from KRW…
2023-07-27 00:53:56
Post from www.engadget.com
