Samsung’s Q3 2023 results beat expectations
By ForGeeks Samsung released preliminary third-quarter results, showing a smaller-than-expected 78% drop in profit. The company’s operating profit for the July through September period totaled 2.4 trillion won ($1.79 billion), down significantly from 10.85 trillion won for the same period in 2023. The reasons for the year-over-year decline include a slowdown in the global economy and a significant drop in demand for chips.
The company’s earnings were down from a year earlier.
Samsung’s Q3 profit was nevertheless significantly higher than the first quarter’s 640 billion won (the lowest since 2009) and the second quarter’s 670 billion won. The company’s operating profit of 2.4 trillion won exceeded LSEG SmartEstimate’s forecast of 2.1 trillion won.
The company’s operating profit of 2.4 trillion won exceeded LSEG SmartEstimate’s forecast of 2.1 trillion won.
As the pandemic-driven chip boom subsided, chip prices plummeted, dealing a major economic blow to the world’s leading memory chip maker.
As the pandemic-driven chip boom subsided, chip prices plummeted, dealing a major economic blow to the world’s leading memory chip maker.
Samsung has managed to offset the losses by focusing on more profitable, higher-end chips such as DRAM and continuing to cut back on production of older, outdated chips.
Samsung has been able to offset the losses by focusing on more profitable, higher-end chips such as DRAM and continuing to cut back on production of older, obsolete chips.
