In a very rare meeting, the South Korean conglomerate Samsung Group recently held a meeting with all its CEOs from all affiliates. On Wednesday, the meeting mainly discussed the economic downturn next year and the recession woes, including falling semiconductor prices, dipping currency rates, and further rate hikes.
The high-level meeting took place Monday at the Samsung Electronics Leadership Center in Yongin, Gyeonggi Province, South Korea. Industry sources shared this information along with local media reports. Interestingly, as reported by industry sources, the de facto leader of the Samsung Group, Lee Jae-Yong, did not attend the meeting.
Top executives shared this year’s business performance and the different strategies the companies will adopt to accelerate their business. This also includes the measures Samsung will take to tackle various macroeconomic challenges. As noted by The Korea Herald, the meeting was the first of its kind in six years, where top executives from across Samsung affiliates met.
According to sources, Samsung is pretty concerned about the gloomy market outlook for next year. Especially, Samsung Electronics is expected to see losses in Q4 2022, along with the failing semiconductor market next year. The company’s regulatory filings revealed that its operating profit for the July-September period went down by 31.4% year-0ver-year.
Moreover, a market intelligence firm, FnGuide, forecasted that the Q4 2022 operating profit would amount to KRW 7.34 trillion (around $5.79 billion). This is a 47% decrease year on year. According to the market tracker, Samsung’s operating profit in Q1 2023 will fall by 57% year on year.