Samsung slumps

@ 2023/01/09
Fourth quarter results poor due to Apple production delays

Samsung has reported an eight-year low for its operating profit in its fourth earnings results, dropping to $3.4 billion from $10.9 billion last year.

Samsung supplies many iPhone displays, but Apple has been hit by production delays in China and its new iPhone has not been selling as well.*

According to the Financial Times, Samsung increased memory chip production even though the market has declined. Samsung reportedly increased memory chip production by 10 per cent in the fourth quarter. However, that might not be a bad thing as the*Financial Times says that Samsung is pursuing a strategy of investing now in order to build market share later.

This operating profit percent decline is not the company's first, but it is Samsung's worst since Q3 2014. Beyond the operating profit, Samsung reported that it expects overall sales to have declined nine per cent to $55 billion for the quarter.

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