Samsung ’23 Q4 profits drop 35%

Samsung net profits for fourth quarter (Q4) of 2023 dropped by 35 per cent as weak consumer demand persists, Reuters reported on Tuesday.

The world’s largest memory chip, smartphone and TV maker recorded operating profits of 2.8 trillion won ($2.13 billion) in Q4, falling from 4.31 trillion won recorded during the same period the year before.

According to Reuters, analysts said that the lower-than-expected profits may have driven the company to fall short of forecasts.

In the intensifying competition, LG Electronics recorded 313 billion won net profits in Q4.

Analyst at BNK Investment & Securities, Lee Min-hee, said: “Consumer demand is still not great, and unless interest rates are lowered and the economy stimulated, it may not improve much.”