Samsung's profits decrease by 70% due to weak sales

Samsung's profits decrease by 70% due to weak sales and chip shortages.

Due to lower demand for its memory chips and slower sales, South Korean tech giant Samsung's profits fell noticeably in the fourth quarter of last year. There is a global shortage and as a result many companies are affected. South Korean tech giant is also no expection.

Samsung's profits decrease by 70% due to weak sales

samsung

After corona virus happened many things changed. Shortages started, global crisis occured and markets were affected badly. The South Korean tech giant recently released his financial report, which revealed that the company experienced a significant decline of close to 70% in Q4 2022. Profits are down a lot compared to the same time last year. Profits have fallen for a variety of reasons, including low demand for smartphones and semiconductors as a result of global economic issues. The brand stated that for the fourth quarter of 2022, it anticipated an operating profit of 4.3 trillion won and revenue of approximately 70 trillion won.

South Korean tech giant is a leader in especially foldable market, yet still the shortage affected the company badly as well.