Samsung guidance reveals plummeting profits in Q2 2023

Samsung Electronics posted its quarterly guidance ahead of the release of its detailed fiscal report, and for the second quarter in a row the Korean company expects a drastic decline in profits. The consolidated figures show an operating profit of KRW0.5-0.7 billion ($455 million), which is over 95% less than the same period last year.

The sales figures were also down, both quarterly and yearly. Estimations are between 59 and 61 trillion KRW in total revenue, which is about $46 billion.

The last time Samsung had profits this low was in Q1 2009 when the number stood at KRW590 billion. The Korean company will post the full results on July 27 and we'll get the full picture then.

We already know the giant is expected to scale back on the production of memory chips due to weak demand and geopolitical uncertainties. The war in Ukraine is no longer a viable excuse, meaning memory chips are just no longer the golden egg chicken, and Samsung needs to diversify its strategy to keep the money flowing.

Source