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This Thursday (27) Samsung released its financial results for the third quarter of 2022. The company’s profit fell compared to the previous quarter, as well as from 2021.
This Thursday (27) Samsung released its financial results for the third quarter of 2022. The company’s profit fell compared to the previous quarter, as well as from 2021. On the other hand, Samsung says sales of foldable smartphones are “strong”. .
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Between July and September Samsung profit was $7.5 billion, representing a decrease of 23%. relative to the results obtained in the second quarter. This value also represents 31% less than in the third quarter of 2021.. This is the first annual (y/y) decline in earnings in a three-year period, even with the early stages of the COVID-19 pandemic leading to the closure of several factories.
The current recession-risk global economic environment fueled by the conflict in Ukraine is forcing several tech companies to lay off employees in preparation for the worst.
On the other hand, Smartphone division reports $2.2 billion profitthe value is higher than in the third quarter of 2021. Samsung attributed the result to sales of the Galaxy Z Fold 4 and Z Flip 4 foldable phones. While the company won’t comment on exact sales numbers, the company said the new models performed better than the previous generation.
According to Samsung the Galaxy S22 line also performed well. “Looking at the latest quarter, market demand for smartphones and wearables is projected to increase quarter-on-quarter due to year-on-year seasonal fluctuations, even after taking into account geopolitical issues and macroeconomic volatility,” Samsung said.
Despite expectations that the smartphone market will continue to perform well, the sharp drop in profits is a sign of the strong impact of the current global economic situation on the technology sector. It looks like the company is unlikely to achieve significant growth in the last quarter of the year.
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Source: Samsung
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Source: Mundo Conectado
I’m Maurice Knox, a professional news writer with a focus on science. I work for Div Bracket. My articles cover everything from the latest scientific breakthroughs to advances in technology and medicine. I have a passion for understanding the world around us and helping people stay informed about important developments in science and beyond.
