SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission. Learn more.

Samsung Q2 sales to slump as pandemic-induced boom wanes

Business
By 

Last updated: July 4th, 2022 at 16:19 UTC+02:00

Samsung Electronics is going through a rough patch due to slumping sales of TVs and home appliances, but it is not the only company to face difficulties. LG is in a similar situation, as several factors continue to harm sales.

Demand for TVs and home appliances continued to decline in the second quarter of the year due to COVID lockdowns in China’s trade district, Russia’s invasion of Ukraine, and rising global inflation.

In addition, compared to a year ago, more people are now spending time outside than indoors, which also harmed TV and home appliance sales (via The Korea Times). In other words, the pandemic-induced sales hike seems to be over for both Samsung and LG, and market analysts are revising their predictions.

Samsung’s Q2 2022 earnings could fall below expectations

Market watchers believe that Samsung Electronics’ earnings in Q2 won’t meet earlier predictions. The company is suffering from decreased demand in several sectors, including the aforementioned TV and home appliance markets. Furthermore, the Korean tech giant is experiencing a decline in smartphone demand.

Samsung is expected to reveal preliminary earnings later this week, and local brokerage houses estimate that the company will announce 77.22 trillion won ($59 billion) worth of sales and 14.79 trillion won in operating profits.

The bad news is that the estimates could fall below May expectations. But the good news is that Samsung’s sales and operating profits could be up 21% and 18% year-on-year, respectively.

Join SamMobile’s Telegram group and subscribe to our YouTube channel to get instant news updates and in-depth reviews of Samsung devices. You can also subscribe to get updates from us on Google News and follow us on Twitter.

BusinessPhoneTV Samsung Electronics
Load 1 comments

You might also like

Samsung isn’t gaining as much value from its R&D efforts as it did in 2020

Samsung’s research and development spendings are up again. In the first half of 2022, Samsung Electronics spent 12.18 trillion won ($9.19 billion) on R&D projects, up from the 11 trillion won ($8.3 billion) it poured into researching and developing new technologies in the first half of 2021. At the same time, in H1 2022, the […]

  • By Mihai Matei
  • 16 hours ago

Samsung phones are crushing rivals in LATAM, nearing a 50% market share

Smartphone shipments in Latin America were up 8% on-quarter in Q2 2022. During the three-month period, Samsung Electronics not only led the market in terms of smartphone shipments and share but also widened its lead to an all-time high. Q2 shipments in the LATAM region increased 8% quarter-on-quarter and 9% year-on-year. And thanks to Samsung […]

  • By Mihai Matei
  • 18 hours ago

Samsung heir Lee Jae-yong pardoned by South Korean President, gets cleared of bribery charges

Samsung Electronics Vice Chairman Lee Jae-yong received a huge relief today. The President of South Korea, Yoon Suk Yeol, pardoned Lee on the occasion of next week’s Liberation Day anniversary in the country. Lee Jae-yong can now formally take control of South Korea’s largest conglomerate. Earlier, Lee was sentenced to 2.5 years in prison after being […]

  • By Asif Iqbal Shaik
  • 1 week ago

Samsung seeks support from Vietnam for its Busan World Expo 2030 bid

Last week, Samsung’s TM Roh and the Prime Minister of Vietnam met to discuss the Korean tech giant’s plans for a new R&D center in Hanoi and the local manufacturing of chip transistors by mid-2023. As it turns out, there was another reason behind Samsung’s recent visit to Vietnam. Samsung seeks support for the 2030 […]

  • By Mihai Matei
  • 2 weeks ago

Samsung to bolster R&D and chip manufacturing in Vietnam by mid-2023

Samsung is in the process of building a strong international supplier network and increasing its manufacturing presence in more countries. The company is constructing a new manufacturing plant in the United States, and earlier this week, Samsung’s TM Roh met with the Prime Minister of Vietnam, Pham Minh Chinh, to prepare for what’s coming next. […]

  • By Mihai Matei
  • 2 weeks ago

Samsung remains the 2nd-largest tablet vendor in a declining market

The smartphone market isn’t the only one affected by the ongoing economic troubles. PC and tablets have just recorded their second quarterly decline, with global shipments falling 14% in Q2 2022. Samsung maintained its market position behind Apple. Several causes have led to declining PC and tablet shipments in Q2 2022, such as lower consumer […]

  • By Mihai Matei
  • 2 weeks ago