Samsung has been struggling over the past few months, and in Q2 2023, the company faced a 95% drop in profits for the second quarter in a row.
In its Q2 2023 financial results, Samsung confirmed that profits dropped by 95%. This happened previously in Q1, which saw the same 95% drop year-over-year. Operating profit during the quarter was just KRW 0.67 trillion ($523.5 million), down from KRW 14.12 trillion ($11.06 billion) last year.
Samsung places the blame on this drop on the continuing decline in smartphone shipments, including with the boost that Galaxy S23 Ultra gave last quarter now having “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. Nevertheless, the Galaxy S23 series was able to achieve higher results than its predecessor in the first half, in terms of both volume and value.
The company cites Galaxy Z Fold 5 and Flip 5 as bright spots and expects the “overall smartphone market… to return to year-on-year growth, especially in the premium market.”
Of course, much of the issue that the declining smartphone market is having on Samsung isn’t from the company’s own Galaxy devices directly. Samsung Electronics supplies much of the memory and storage for other smartphone makers and displays, too, through Samsung Display. As smartphone shipments as a whole drop, Samsung is feeling the squeeze there too.
Pre-orders for Samsung’s new devices are open now, with deals that include up to $1,000 off from Samsung and carriers. See our coverage below for the best pre-order offers on Galaxy Z Flip 5, Fold 5, and Watch 6.
- Where to pre-order Galaxy Z Flip 5 and Galaxy Z Fold 5 and get the best deal
- Where to pre-order the Galaxy Watch 6 and get the best deal
More on Samsung:
- Hands-on: What’s actually new on the Galaxy Z Flip 5 and Fold 5?
- Galaxy Watch 6 and 6 Classic: Wear OS 4 in a premium build starting at $299
- Samsung Galaxy devices can now screen mirror to Chromecast devices
Add 9to5Google to your Google News feed.
FTC: We use income earning auto affiliate links. More.
Note: This article have been indexed to our site. We do not claim legitimacy, ownership or copyright of any of the content above. To see the article at original source Click Here
Premier Protein Shake, Chocolate, 30g Protein 1g Sugar 24 Vitamins Minerals Nutrients to Support Immune…
$29.98 (as of June 28, 2024 21:10 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
iPhone Car Charger Fast Charging [Apple MFi Certified], 60W Dual USB-C Power Cigarette Lighter Car Charger+Type-C Cable&Lightning Cable for iPhone 15 14 13 12 11 Pro Plus XS XR iPad, Samsung and More
$9.99 (as of June 28, 2024 21:10 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Crzoe Countertop Ice Maker Machine with Handle,26Lbs/24H,9 Cubes Ready in 6 Mins,Self-Cleaning Ice Makers with Ice Bags and Scoop Basket,for Home/Office
$39.99 (as of June 28, 2024 21:10 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
4mm Super Tiny Tragus Hoop Earrings, 20g Gold Cartilage Earring, Helix Hoops, Tragus Piercing Jewelry, Upper Ear Cartialge Piercing Ear Rings, 14K Gold Filled 4 mm 20 Gauge
$12.98 (as of June 28, 2024 21:10 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
