Samsung Electronics Co Ltd (SMSN.L,SSNNF.OB,SSNLF.OB) reported a profit for the fourth quarter that climbed 120.82 percent from last year. But operating profit for the quarter dropped 68.95 percent from the prior year, hurt by a sharp drop in demand for semiconductors. Quarterly sales also declined 7.97 percent from the previous year.
Looking ahead to the first quarter, Samsung expects smartphone demand to decline year-on-year due to the economic slowdown in major regions.
For 2023, Samsung expects impacts of the economic downturn to continue for the time being. However, analysis of smartphone purchase patterns suggests that demand will continue to polarize between premium and low-priced phones.
The South Korean electronics giant reported that its net income attributable to the shareholders of the parent company for the fourth-quarter climbed 120.82 percent to 23.5 trillion Korean won from 10.64 trillion won in the same quarter last year.
However, operating profit for the quarter dropped 68.95 percent to 4.31 trillion won from the previous year.
Quarterly sales were 70.46 trillion won, a 7.97 percent decrease from a year earlier.
The semiconductor businesses posted 20.07 trillion won in consolidated revenue and 0.27 trillion won in operating profit in the fourth quarter. Overall memory demand weakened as customers continued to adjust their inventories amid deepening uncertainties in the external environment.
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