Following yesterday’s big Unpacked event, Samsung published its financial report for Q2 2023. The results are on par with the previously posted guidance and show yet another gradual decline compared to the values from a year ago.
Revenues for the April, May and June months totaled KRW 60.01 trillion ($46.89 billion) which is a 22% decrease compared to Q2 2022. Operating profit for Q2 2023 was KRW 0.67 trillion ($523.52 million) which is a 95% drop from last year’s KRW 14.12 trillion.
Samsung’s press release states that declining smartphone shipments were the main reason behind the slumping revenue results. Samsung is confident that its newly launched foldables will drive up demand and will help its mobile division back on track. Samsung also expected global demand to recover in the second half of the year resulting in improved earnings.
The memory business is also expected to bounce back with a renewed focus on high bandwidth memory (HBM) and DDR5 products. Samsung Display Corporation (SDC) and the Digital Appliances Business “saw improved profitability” while the mobile panel business saw solid sales similar to last quarter. Harman which is a Samsung Electronics subsidiary saw rising revenue and profits amidst winning its largest automotive order in its history.