Samsung posts solid smartphone sales in Q1, but overall profits plummet

Samsung published its financial report for Q1 2023, and as the guidance warned profits plummeted to levels unseen in the past 15 years.

Operating profit between January and March went down 18% YoY, while profit shrank from KRW 14.12 trillion to KRW 0.64 trillion – a stunning drop of 95%.

Samsung is expecting global demand to rebound in the second half of the year, which would assist its recovery.

The mobile experience division that is responsible for smartphones and smart devices was the least affected in this uninspiring quarter. Sales went down 2% YoY but increased 22% on a…

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