Samsung posts 12 percent increase in profit but warns of weak mobile and PC demand
has reported a consolidated revenue of KRW 77.2 trillion , which is a record high for the quarter ending on June 30th. Samsung's operating profit also reached KRW 14.1 trillion — that's 12 percent higher from the same period a year earlier and is its best yet since 2018.
The DS division posted KRW 28.5 trillion in consolidated revenue and KRW 9.98 trillion in operating profit in the second quarter, thanks mostly to server chip demand. However, chip demand for consumer products, such as mobile phones and PCs, was much weaker than expected"due to widening impacts of macro issues." In fact, Samsung said its DRAM and NAND shipments came in below guidance.
As you can guess based on that information, Samsung's Mobile eXperience business was also affected by the overall decline in market demand. The company blamed"geopolitical issues and concerns over inflation on top of continued weak seasonality" for the mobile division's decline in earnings. It also said the costs of components and logistics affected the business' profitability and caused it to slide lower than the previous quarter's.
The tech giant doesn't expect smartphone sales to blow up next quarter either: Demand for new phones will likely stay similar year-on-year or show only a single-digital growth, it predicts, because of prolonged geopolitical issues and economic uncertainties. That said, it's hoping that the launch of new foldables could pad its sales numbers in the coming months.
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