Samsung warns its profits this quarter will be bad — no, like, really bad

Credit: Ryan Haines / Android Authority

• Samsung profits are forecast to drop by 95.8% year over year in Q1 2023.
• If this pans out, it will be the worst profit quarter for the brand since 2009, before it had even launched the first Galaxy S smartphone.
• A lower demand for chips — 55% of the company’s profits — is likely the biggest culprit.

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Just a few days ago, we reported that the Samsung Galaxy S23 series is selling quite well, with the Ultra variant leading the charge. However, Samsung is an enormous company, and just because its mobile division appears to be doing fine doesn’t mean the company as a whole is doing well.

Case in point, Samsung today announced its earnings guidance for Q1 2023 (h/t Ars Technica). The numbers presented are quite sobering. According to the company’s own metrics, it stands to report a profit drop of 95.8% year over year (YoY) when compared to Q1 2022.

from Android Authority https://ift.tt/qfp7zH8