Samsung's Q4 Operating Profit Drops 34.57%, Meets Previous Guidance
Samsung reported a 34.57% drop in fourth-quarter operating profit from a year ago to $2.1 billion, in line with its earlier guidance. Revenue for the quarter fell 3.8% to $50.9 billion, also meeting guidance. Samsung's semiconductor business saw a record annual loss of $11.1 billion for 2023 due to weak global demand. Samsung expects moderate profit improvement in the first half of 2024 and a stronger recovery in the second half as memory chip prices and demand rise. Samsung's smartphone sales and profit declined due to the fading effects of new models, and it aims to boost premium sales with the new Galaxy S24 launch.
Transcript
00:00 It's Benzinga and here's what's on the block.
00:02 Samsung reported a 34.5% drop in fourth-quarter operating profit from a year ago to $2.1 billion
00:08 in line with its earlier guidance. Revenue for the quarter fell 3.8% to $50.9 billion,
00:13 also meeting guidance. Samsung's semiconductor business saw a record annual loss of $11.1
00:18 billion for 2023 due to weak global demand. Samsung expects moderate profit improvement
00:23 in the first half of 2024 and a stronger recovery in the second half as memory chip prices and
00:28 demand rise. Samsung smartphone sales and profit declined due to the fading effects of new models
00:33 and it aims to boost premium sales with the new Galaxy S24 launch. For all things money visit
00:37 Benzinga.com