Samsung Electronics’ quarterly profit fell by 35% – Kommersant
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Samsung Electronics Company published fourth quarter and full year 2023 results. Like predicted The world’s largest manufacturer of DRAM processors, at the end of the quarter, operating profit decreased by 34.57% and amounted to 2.82 trillion won ($2.11 billion). Net profit fell almost fourfold, to $4.8 billion. Revenue decreased by 3.8%, to $50.8 billion, amid weak demand for consumer electronics.
At the end of the financial year, operating profit fell by 85%, to $4.8 billion – this is the lowest annual figure since 2009. Net profit fell 72% to $11 billion, the lowest since 2011. Revenue decreased by 14%, to $194 billion. The memory microprocessor division has suffered losses for four consecutive quarters, although it is gradually reducing the volume of losses. Thus, in the third quarter the loss was more than $2.2 billion, and in the fourth – $1.6 billion. At the end of the whole year, the losses of this division amounted to $11 billion. At the same time, the company notes that the DRAM chip production division returned to profit, not citing specific indicators.
Samsung Electronics predicts that business will recover during 2024, and demand for semiconductors for artificial intelligence technologies will grow. But the company warns that performance could be negatively impacted by macroeconomic uncertainty in the near term. Shares of Samsung Electronics on the stock exchange in South Korea fall in price by 2.15%.
Read more about the investment prospects for microelectronics in the Kommersant article. “Chips are given briefcases”.
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