Samsung sees a 95% drop in profits for the 2nd quarter of 2023

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.



Unbox Diaries: Coverage of realme's 2-Day Cebu Event - MasterShot Class and Photowalk, FanFest 2023
This content is password protected. To view it please enter your password below: Password:
Read More
lockscreen widget
Lockscreen widgets spotted on Pixel, Android 14
Android 14 might be resurrecting lockscreen widgets but with a major overhaul. Widgets are more than...
Read More
pixel 8 leaks
Google Pixel 8 series: Prices and colors leaked ahead of launch
Google will allegedly launch three Pixel 8 models this year, but one of them is a real disappointment....
Read More