Samsung’s income is already going down, according to recent quarterly earnings reports from major IT companies. Both Google and Microsoft did report record sales but disappointing profits in their quarterly financial reports. Samsung is not that different.
Even though the Korean phone company’s total revenue for the third quarter of 2022 is so $54 billion. It said that its earnings are indeed down from the previous quarter and from the same time last year. The company’s operating profit for the period became $7.6 billion, which is down 23% from the previous quarter and down 31.4% from the same time last year.
Comparing Q3 2021 to Q2, operating profits rose by 26% to about $11.1 billion.
little interest in electronics
According to Samsung, the drop in demand is due to instability in the international economy. The company’s Memory division is already hurt by consumers’ lack of interest in buying things and retailers’ efforts to reduce their stockpiles. Even though the LSI sector shrank because customers bought fewer mobile devices and consumer electronics, the chip sector grew because more chips became did make for 5G networks.
Advice from the Galaxy Z Series
Same case back in the Display industry—there is not much demand, so prices went up. On the other hand, Samsung’s Mobile Experience (MX) segment did well, contributing $22.6 billion to the company’s total sales with its Network business income. Compared to the previous quarter, this quarter’s operational profit became $2.27 billion higher.
Both the Galaxy Z Flip 4 and Z Fold 4 sold better than their predecessors, which did aid the success of the division as a whole. Samsung says that the Galaxy S22 line has maintained “strong sales momentum.”
Read more: Microsoft Reveals 11% Higher Incomes in Q3 2022
The Foundry division’s revenue of $16 billion and operating profit of $3.6 billion are both still new highs. It does make possible by the company’s ability to take advantage of strong demand from customers all over the world.
Samsung expects its mobile business to continue growing from year to year.