Samsung Q2 2023 earnings plunge by 95 percent

South Korea’s Samsung recorded a steep decline in net income in the second quarter of 2023 due to weaker smartphone shipments. 

Samsung Galaxy Z Fold4

Lower profit recorded in April-June period

According to its financial report released recently, Samsung’s profit reached KRW 0.67 trillion (USD 523.52 million), a 95 percent drop from the KRW 14.12 trillion booked a year ago. 

The group’s revenues, on the other hand, hit KRW 60.01 trillion (46.89 billion), lower by 22 percent from last year’s. 

Samsung attributed its weaker financial performance to the declining smartphone shipments witnessed in the period. But the firm is keeping its optimism that its newly launched foldables will pump up demand and boost its mobile business. 

Global demand is also seen to bounce back in the second half of 2023, Samsung added.

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Source: GSMArena