Awesome deals, Galaxy Book 4 series, Watch 6, S24 Ultra or Z Flip 5! - Get 15% discount on Thinborne cases!

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

Notifications
    News for you

    Samsung reports low profits for Q3 2023 as semiconductor chip losses narrow

    Business
    By 

    Last updated: October 11th, 2023 at 08:55 UTC+02:00

    Samsung has been going through tough times due to the downturn of the semiconductor chip segment, leading to huge losses for the company. However, it looks like the company is recovering from that downturn and narrowing losses in its semiconductor chip business. Samsung has reported earnings guidance for Q3 2023, revealing better-than-expected results. Its profits are still low compared to the year earlier, but they have improved compared to the previous quarter.

    Samsung's semiconductor business losses narrowed, and the smartphone division helped gain profits in Q3 2023

    In its earnings guidance, Samsung Electronics reported that its revenue could be around KRW 67 trillion ($50.07 billion), with profits reaching around KRW 2.4 trillion ($1.79 billion). That's a 77% drop in operating profit compared to Q3 2022 but a massive (400%) improvement compared to the KRW 0.6 trillion (around $459 million) it managed to muster in Q2 2023. Its sales are still a 12% year-over-year drop, but that's likely to change in the coming quarters as experts expect a rebound in semiconductor chip demand. Samsung reduced its semiconductor chip production over the past few months to narrow losses.

    In Q2 2023, Samsung posted its worst profit in 14 years and its first loss in the semiconductor chip division in its history. Its profit declined 95% in Q1 of this year, and that remained at a 96% drop in Q2 of the year. Thankfully, the losses from the semiconductor division narrowed, and Samsung's smartphone division (Samsung MX) helped the company achieve decent profits. The launch of the Galaxy Z Flip 5 and the Galaxy Z Fold 5 helped the company from dropping into the red.

    Samsung Display, which makes OLED panels for smartphones and TVs, also seems to have recorded good profits, thanks to the launch of the iPhone 15 series, which uses OLED panels from Samsung. The South Korean firm will announce its full Q3 2023 earnings report by the end of this month.

    Business EarningsSamsung DXSamsung ElectronicsSamsung FoundrySamsung MXSamsung NetworksSamsung SemiconductorSystem LSI

    You might also like

    Samsung Bot Fit wearable robot may enter production soon

    Samsung Bot Fit wearable robot may enter production soon

    Samsung might have even bigger plans for the wearable market in 2024 than the Galaxy Ring. The company is supposedly planning to unveil its Apple Vision Pro competitor before the end of 2024, and one new report from Korea even says that the company is already strategizing the production of the Bot Fit wearable robot. […]

    • By Mihai Matei
    • 6 hours ago
    Samsung could link up with another major Korean group on AI

    Samsung could link up with another major Korean group on AI

    AI is the future and companies across different industries are taking a collaborative approach to utilize this technology for enhancing their offerings. Samsung is significantly invested in AI and is also open to collaborations with other companies. It appears that the company may link up with another major Korean conglomerate on AI. There's talk of […]

    • By Adnan Farooqui
    • 7 hours ago
    Samsung is piling up billions in cash to likely make a big acquisition

    Samsung is piling up billions in cash to likely make a big acquisition

    There has long been speculation about how Samsung would use its more than $60 billion cash reserves. The general perception is that the company would become active in the mergers and acquisitions space to buy some big company. However, Samsung hasn't made any major acquisitions since it bought Harman for $8 billion back in 2017. […]

    • By Adnan Farooqui
    • 10 hours ago
    Samsung develops industry’s first 36GB HBM3E 12H DRAM

    Samsung develops industry’s first 36GB HBM3E 12H DRAM

    Samsung, the world leader in semiconductor memory chips, has announced that it has developed the industry's first 12-stack HBM3E DRAM chip. It is the world's highest-capacity HBM memory chip to date, and the company claims that it offers 50% higher capacity and performance than previous-generation HBM memory chips. Samsung unveils industry's first 36GB HBM3E DRAM […]

    • By Asif Iqbal Shaik
    • 16 hours ago
    Revolutionary face unlock system from Metalenz uses Samsung’s ISOCELL Vizion sensor

    Revolutionary face unlock system from Metalenz uses Samsung’s ISOCELL Vizion sensor

    Two months ago, Samsung unveiled two new ISOCELL sensors: ISOCELL Vizion 63D and ISOCELL Vizion 931. One of those sensors is now being used in a new and revolutionary 3D face unlock mechanism that Metalenz has developed. This shows the superiority of Samsung's new 3D depth mapping camera. Metalenz is an optics company spun out […]

    • By Asif Iqbal Shaik
    • 1 day ago
    Intel is chasing foundry customers in Samsung’s backyard

    Intel is chasing foundry customers in Samsung’s backyard

    Intel appears to be poking around in Samsung's backyard, as reports say that the US tech giant might be trying to secure contracts for chip manufacturing from fabless South Korean startups. New rumors say that Intel CEO Patrick Gelsinger met with senior executives from South Korea last year. The CEO supposedly revealed Intel's foundry plans […]

    • By Mihai Matei
    • 1 day ago