Samsung’s financial performance in 2023 continued to struggle, with a significant drop in annual revenue and operating profit. The company reported KRW 258.94 trillion ($194 billion) in annual revenue and KRW 6.57 trillion ($4.9 billion) in operating profit for the fiscal year, marking a substantial decrease from the previous year. The decline is particularly evident in the operating profit, which plummeted from KRW 43.38 trillion ($35 billion) in 2022 to KRW 6.57 trillion ($4.9 billion) in 2023. This decline is attributed to weak demand for Samsung’s chips and smartphones, resulting in the company’s weakest earnings in over a decade, according to The Wall Street Journal.
While Samsung’s memory business showed signs of recovery, it was not enough to prevent the company from incurring KRW 2.18 trillion ($1.63 billion) in operating losses for the fourth quarter of 2023. Additionally, its visual display and digital appliances division also posted KRW 0.05 trillion ($37.5 million) in operating losses…
2024-01-31 04:05:00
Article from www.engadget.com