Samsung Electronics’ net profit for the third quarter of 2023 was 5.84 trillion won (about $4.3 billion at the October 31, 2023 exchange rate), which is 37.8% lower than the same period last year. In this respect reports South Korean news agency Yonha.
The company’s total revenue for the specified period was 67.4 trillion won (about $49.9 billion), meaning that this figure decreased by 12.2% year on year. Samsung Electronics’ operating profit was recorded at 2.43 trillion won ($1.8 billion), which is 4.5 times less than in the third quarter of 2022.
Despite the big decline, the company’s results were slightly better than expected. For example, Samsung Electronics’ revenue and operating profit for this quarter were expected to be 67 trillion won and 2.4 trillion won, respectively.
In the report, Samsung expressed its hope that demand in the smartphone market will recover in 2024. The company expects continued growth in sales, especially in the premium device segment.
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