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Samsung preannounces 35% profit drop in Q4 2023 earnings

Samsung is getting out ahead of a potentially disappointing earnings report by warning of a profit drop.

Donovan Erskine

January 9, 2024 7:45 AM

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While CES has featured some exciting reveals from the biggest players in the tech industry, it’s not all good news for those involved. As Samsung showcases its latest line-up of products and services, the company is also preparing to deliver some less-than-ideal earnings results. Ahead of the release of its Q4 2023 earnings report, Samsung has preannounced a 35 percent profit drop for the quarter.

Samsung shared a press release to inform investors of its guidance for the quarter. As for consolidated sales, Samsung is predicting around 67 trillion Korean won. Samsung expects its consolidated operating profit to be 2.8 trillion Korean won. The Futurum Group Chief Market Strategist Cory Johnson provided a statement on the news out of Samsung, as spotted by CNBC.

″[Samsung is] very good at making some of the best semiconductors in the world, at least in making them and getting them done. But their yields are so much worse than competitors like TSMC.”

This mirrors Samsung’s behavior last year, when it preannounced that earnings were down 69 percent from the previous year. As for the company’s other business, it’s had a strong presence at CES 2024, which included the announcement of a new collaboration with Tesla.

Donovan Erskine

News Editor

Donovan is a young journalist from Maryland, who likes to game. His oldest gaming memory is playing Pajama Sam on his mom's desktop during weekends. Pokémon Emerald, Halo 2, and the original Star Wars Battlefront 2 were some of the most influential titles in awakening his love for video games. After interning for Shacknews throughout college, Donovan graduated from Bowie State University in 2020 with a major in broadcast journalism and joined the team full-time. He is a huge Scream nerd and film fanatic that will talk with you about movies and games all day. You can follow him on twitter @Donimals_