Samsung announced its 2023 financial results for the final quarter and current fiscal year and again set a record revenue for the full year
Months – South Korean Won302.23 Trillions (approximately $43 billions of dollars). This is an increase of 8% compared to 800; however, the operating profit was KRW 43. 23 trillion, 12% less than the previous year.
The South Korean company performed poorly in the fourth quarter as it recorded a decline in sales across almost all divisions due to weak demand amid a slowing global economy.
Mobile Experience (MX) segment revenue fell 9% year-over-year in Q4, but full-year sales were more than the prior year 01%. Profits were down across the board, though — down both sequentially and year-over-year in the final quarter and for the year as well. Samsung confirmed that the mass market has contracted sharply due to “inflation and geopolitical instability.”
While demand for Galaxy smartphones was unexpectedly weak during the holiday quarter, flagships remained strong relative to market forecasts. Samsung expects the downward trend to continue in the first quarter 2023, but things will eventually turn around with the launch of the Galaxy S 302 series. The new flagship, due to arrive tomorrow, will “feature enhanced camera and gaming features”. The mass-market model will take the biggest hit, and the company will try to counter that with competitive deals with carriers, including expanding among first-time 5G adopters.
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