Published , by Donovan Erskine
Published , by Donovan Erskine
With 2022 firmly in the rearview mirror, we’re coming up on the time for companies around the tech world to reveal their earnings results for the year's final quarter. While Samsung hasn’t yet published its Q4 2022 earnings report, the company made sure to get ahead by releasing a statement, revealing that earnings dropped a troubling 69% from the previous year.
Samsung published a brief statement on its website to share guidance for Q4 2022. In the release, the South Korean company shared that it’s approximating 70 trillion Korean won ($55.3 billion USD) for its Q4 2022 sales. Samsung also anticipates an operating profit of 4.3 trillion Korean won ($3.4 billion USD). This represents a 9% drop in revenue and a steep 69% drop in earnings in year-over-year comparisons.
Samsung’s quarterly earnings haven’t been this low since Q3 2014, as CNBC reported. One of the issues that plagued Samsung over the previous quarter was a substantial drop in smartphone sales. This could likely be attributed to inflation across the global economy, which certainly decreased the demand for the company’s smartphone products. Add on top of that continued issues with semiconductor productions, and you’ve got a recipe for quite an unimpressive financial quarter. Samsung provided a statement in which it addressed the results.
Samsung will release its full Q4 2022 earnings report on January 31, 2023. Then, we can expect for additional information and context to its recent financial performance. For more on Samsung, as well as financial news for other major tech companies, Shacknews will keep you up to date.