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Samsung estimates 2022 Q4 operating profit of 4.3 trillion won plunged 69% year-on-year as chip prices and smartphone shipments fell

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Update time : 2023-01-12 10:05:17
        Samsung Electronics disclosed preliminary verified data on January 6, 2022 operating profit of 43.37 trillion won, down 16% year-on-year, according to the caliber of the consolidated financial statements; sales of 301.77 trillion won, up 7.93% year-on-year. Samsung Electronics reported an operating profit of 4.3 trillion won in the fourth quarter of last year, down 69 percent year-on-year, on sales of 70 trillion won.
        According to Reuters, Samsung's Q4 2022 operating profit is expected to fall 69 percent, which would be the lowest in six years, as the global economic downturn weakens demand for electronic devices and cloud computing.
        The world's largest maker of memory chips, smartphones and TVs estimates Q4 profit to slump to 4.3 trillion won from 13.87 trillion won a year ago. It was Samsung's smallest quarterly profit since Q3 2016 and below analysts' expectations of 5.9 trillion won.
        "For the memory business, demand fell more than expected in the fourth quarter as customers adjusted their inventories to further tighten finances due to worsening consumer confidence caused by concerns about continued high global interest rates and a weak economic outlook," Samsung said in a statement.
        In a brief preliminary earnings report, Samsung said revenue was likely to fall 9 per cent to 70 trillion won from a year earlier.
Samsung said chip prices fell more than expected as memory suppliers' inventories increased and memory chip prices also declined throughout the quarter.
        Samsung added that profits from its mobile business fell in the fourth quarter as demand weakened due to prolonged macroeconomic problems and smartphone sales and revenues fell.
        Analysts expect Samsung's smartphone and chip shipments to likely fall short of market expectations. DRAM memory chip prices fell 40 per cent year-on-year, wiping out a large portion of Samsung's quarterly profit in the process. Competing memory chip producers such as Micron and SK Hynix have also been affected by this and have decided to cut back on planned investments for 2023.
        Samsung is taking a different approach. The company is investing a lot of money to maintain its 2023 investment plan. This will put it in a good position when the memory chip market recovers. As of September 2022, Samsung has more than $100 billion in cash. Samsung is expected to report preliminary results for Q4 2022 tomorrow and a full earnings report later this month.
 

 
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