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Samsung expects Q4 operating profit of 4.3 trillion won in 2022, chip prices and smartphone shipments decline

Samsung Electronics disclosed preliminary verification data on January 6. According to the caliber of consolidated financial statements, the operating profit in 2022 will be 43.37 trillion won (about 234.2 billion yuan), a year-on-year decline of 16%; The amount was 301.77 trillion won (approximately 1.63 trillion yuan), a year-on-year increase of 7.93%. Samsung Electronics operating profit in the fourth quarter of last year was 4.3 trillion won (approximately 23.263 billion yuan), a year-on-year decline of 69%; sales were 70 trillion won (approximately 378.7 billion yuan).

Image source Pexels

According to Reuters, Samsung’s operating profit in the fourth quarter of 2022 is expected to fall 69%, which would be the lowest in six years, as a global economic downturn weakens demand for electronic devices and cloud computing.

The world’s largest maker of memory chips, smartphones and TVs estimated Q4 profit slipped to 4.3 trillion won from 13.87 trillion won a year ago.

This is Samsung’s smallest quarterly profit since Q3 2016, below analysts’ expectations of 5.9 trillion won (approximately 31.919 billion yuan).

“For the memory business, demand fell more than expected in the fourth quarter as customers adjusted inventories to further tighten finances, amid concerns over continued high global interest rates and a weaker economic outlook that has worsened consumer confidence,” Samsung said in a statement. Say.

Samsung said in a brief preliminary financial report that revenue may fall by 9% from a year earlier to 70 trillion won.

Samsung said memory chip prices also fell throughout the quarter due to higher inventories at memory suppliers, resulting in a larger-than-expected drop in chip prices.

Samsung added that profit at its mobile business fell in the fourth quarter as smartphone sales and revenue fell due to weak demand due to protracted macroeconomic issues.

Analysts expect Samsung’s smartphone and chip shipments to fall short of market expectations. DRAM memory chip prices have fallen 40% year-over-year, wiping out a large chunk of Samsung’s quarterly profits in the process. Competing memory chip makers such as Micron and SK Hynix have also been affected by this and have decided to cut their planned investments for 2023.

Samsung is taking a different approach. The company is investing heavily to maintain its 2023 investment plan. That will put it in a good position when the memory chip market recovers. As of September 2022, Samsung has more than $100 billion (about 688 billion yuan) in cash.

Samsung is expected to report preliminary Q4 2022 results tomorrow, with a full earnings report later this month.

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