Samsung's operating profit collapsed by 95%, amounting to only $455 million - this has not happened since the crisis of 2009

Sales of Samsung Galaxy S23 smartphones are pleasing.The popularity of the flagships of the new generation has grown much in comparison with the

Galaxy S22, but that only slightly smoothed out a disastrous first quarter of 2023 for the South Korean manufacturer.

What is known

Like many other companies, Samsung has facedwith the consequences of declining demand for semiconductor products. This was the key factor in the decline in financial results. Other market players, like Qualcomm, are seeing an increase in chip stocks.

According to the results of the first quarter of 2023The South Korean tech giant was able to record sales of 63 trillion Korean won ($47.82 billion). The indicator fell by 19% compared to the same period in 2022 ($59.12 billion).

But operating profit causes even moreanxiety. In the reporting period, it amounted to only 600 billion Korean won ($455 million). The last time this happened to Samsung was 14 years ago. Compared to the first quarter of 2022, operating profit fell by more than 95%.

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