Daily Management Review

Samsung loses 96% in Q2 operating profit


The company’s operating profit was about $461 million.

Preliminary data indicates that Samsung Electronics Corporation's total operating profit declined by over 96% between the second quarters of 2022 and 2023, as shown on the company's website.

The figures show that total operating income peaked at 14.1 trillion won ($10.8 billion) in the same period of 2022 and was almost 600 billion won ($461 million) in the second quarter of 2023.
According to Yonhap, the company's most recent quarterly performance was the poorest since the first quarter of 2009. Operating profit was 590 billion won at the time. At the end of the month, Samsung Electronics will present the final and more thorough data for the quarter.

One of the causes that contributed to the reduction in operational profitability, according to the agency, was a dip in the market for chips and their overproduction. According to experts, the chip division at Samsung Electronics lost 3 to 4 trillion won ($2.2 billion to $3 billion). The division's expenses surpassed its revenue in the first quarter of 2023.

source: yna.co.kr