Samsung's profits plunged in 2022 due to weak chip and smartphone demand
a sharp decline in profit for 2022, mainly due to the weak demand for its chips and smartphones, which are the company's main moneymakers. The Korean tech giant has posted KRW 302.23 trillion in annual revenue, which is a new record high for the company, in its latest earnings report. But it has also reported an operating profit of KRW 43.38 trillion for all of 2022, down KRW 8.
In the fourth quarter of 2022, Samsung's semiconductor business earned KRW 20.07 trillion in consolidated revenue but only KRW 0.27 trillion in operating profit. For comparison, it posted a consolidated revenue of KRW 26.01 trillion and an operating profit of KRW 8.84 trillion for Q4 2021. Samsung is bracing for this downward trend to persist throughout the next few months, though it expects demand for its semiconductors to pick up in the second half of the year.
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