Samsung has reported a 95% decline in year-over-year profits for the second consecutive quarter
The company attributes this loss to the decline in smartphone shipments due to high interest rates and inflation. Samsung also believes that the boost that came from the launch of the Galaxy S23 series has faded.
“Sales decreased sequentially for the MX Business as the effect of the Galaxy S23 launch from Q1 faded. Mass market recovery was also delayed due to the continued economic downturn, affecting Q2 sales.”
“For the second half of 2023, the overall smartphone market is expected to return to year-on-year growth, especially in the premium market.”
Samsung is not giving up hope. The company highlights the launch of the Galaxy Z Flip 5 and Galaxy Z Fold 5, and believes that the smartphone market will make a return in the second half of 2023. Samsung also has high hopes for its two foldables, and believes that they will account for one out of three Galaxy flagship smartphones sold in Korea this year.
