Samsung Sees 95% Drop In Profits For a Second Consecutive Quarter

For the second consecutive quarter, Samsung reported a 95% decline in year-over-year profits. "It appears Samsung brought in a profit of 0.67 trillion ($523.5 million) Korean won (KRW), which is a drop in the bucket to the 14.12 trillion KRW ($11.06 billion) it made last year," reports Android Authority. From the report: Samsung attributes this loss in profit to the decline in smartphone shipments due to "high interest rates and inflation." As a report from Counterpoint Research suggests, the US smartphone market fell by 24% year-on-year in Q2 2023. Samsung, in particular, saw a 37% yearly decline in shipments, giving it 23% of the total US market. Something else that doesn't seem to bode well is the fact that Samsung believes the boost that came from the launch of the Galaxy S23 series has faded. However, it's not all doom and gloom. The manufacturer highlights the launch of the Galaxy Z Flip 5 and Galaxy Z Fold 5. It also believes that the smartphone market will make a return: "For the second half of 2023, the overall smartphone market is expected to return to year-on-year growth, especially in the premium market."

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