Samsung financial results for 2023 reveal a seven-fold decline in profit

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Samsung financial results for 2023 reveal a seven-fold decline in profit

January 31, 2024, 08:23 AM

Samsung posted its financial results for the fourth quarter and the calendar 2023, and the results are disappointing, to put it mildly. Total sales fell down on a yearly basis for a second year in a row, and this time, the decline was 14%.

Operating profit for the whole of 2023 was just KRW 6.57 trillion ($5 billion) â€“ nearly seven times less than the KRW 43.38 trillion ($32.58 billion) posted in 2022.

The company said that Q4 revenue and profit increased, compared with the previous three-month period, mostly due to improved performance and higher prices of memory, as well as the...

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