Friday, January 27, 2023

Samsung forecasts huge drop in profits last quarter, with its worst data in 8 years

Samsung deeply affected by recession of the world economyBecause it has skipped its announcement of 2022 fourth quarter results in advance.

Earnings of the South Korean giant 69% have fallen, 4.3 trillion won as compared to 2021, which in turn is 3,192 million euros, their worst data in 8 yearsas outlined reuters,

These results exceeded analysts’ worst forecasts. Refinitiv SmartEstimate, one of the most accurate financial forecasting companies, Heavy downgrade is forecast for Samsung With a profit of 5.9 trillion won (about 4,380 million euros). However, the reality has been worse, with numbers not seen since the third quarter of 2014.

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Given the expected recession and increase in the cost of living in general, Consumers have reduced spendingAs a result of which the global demand for technical equipment has declined.

According to reutersvarious analyzers Samsung’s profit is expected to continue to decline In the current quarter, especially for its chips and memory units, as their prices have declined as a result of excess supply in the market.

But experts don’t expect the company to cut it chip productionBecause it is one of the most important departments of Samsung and that too This accounts for about 50% of the total profits. Conversely, it can be expected that investment will be adjusted organically by the delay in the entry of new equipment.

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Although Samsung’s shares closed yesterday with a 1.4% increase Rival chip company SK Hynix did so at 2.1%, compared to 1.1% for the rest of the South Korean stock market. The biggest manufacturer of mobile phones and TVs has a disappointing result a Indicators for what to expect from global consumption and it does not encourage other technology companies.

While this preview of results presents one of the worst figures for the fourth largest listed company in Asia, we will have to wait for January 31, know the full account In the fourth quarter of 2022.

Nation World News Desk
Nation World News Desk
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
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