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Samsung Q2 sales to slump as pandemic-induced boom wanes


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.

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