Samsung’s operating profits declined to $5 billion by the end of ‎‎2023 ‎

Samsung Electronics said on Tuesday that it estimates that its operating profits in the fourth quarter of last year fell by 35% from the same period of the previous year, in signs of continued weak demand for semiconductors, its main product.

According to the Korean Yonhap Agency, Samsung stated in a regulatory filing that its operating profits in the period from October to December of last year fell by 35% from the same period of the previous year to 2.8 trillion won ($2.1 billion), a decrease. From 4.3 trillion won in the same period in 2022

Its sales also decreased by 4.9% to 67 trillion won in the last quarter of last year, down from 70.46 trillion won a year ago.

Operating profits increased by 15% on a quarterly basis from 2.43 trillion won, but sales decreased by 0.6% from 67.4 trillion won.

For all of 2023, its operating profit is likely to fall 84.9% to 6.54 trillion won ($5 billion) from 43.38 trillion won the year before and its sales fell 14.6% to 258.16 trillion won from 302.23 trillion won during the same period last year.

Samsung is scheduled to issue its final earnings report later this month.