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Samsung Elec’s quarterly profit tumbled by two-thirds to an eight-year low
On January 6, Samsung announced provisional results for the fourth quarter of 2022 with sales of 70 trillion won and operating profit of 4.3 trillion won on a consolidated basis. Compared to the third quarter, Samsung Elec’s fourth-quarter profit plunged by two-thirds to an eight-year low.
According to Samsung, in the fourth quarter, sales decreased by 8.83% and operating profit by 60.37% QoQ, whereas sales decreased by 8.58% and operating profit by 69% YoY. Some of the major causes behind huge losses are hammered memory chip prices and curbed demand for electronic devices.
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Samsung Elec earnings guidance Q4, 2022
- Consolidated Sales: ~ 70 trillion Korean won
- Consolidated Operating Profit: ~ 4.3 trillion Korean won
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The world’s largest memory chip, smartphone and TV maker published its provisional performance estimation, which is based on the International Financial Reporting Standards (IFRS) adopted in Korea. The company shared this estimation for the convenience of investors.
In the smartphone business, Samsung is focussing on the Galaxy Z and Galaxy A series devices. It has been noticed that the sales of Galaxy devices increased but profit declined due to high sales of mid-range and budget devices. The company is going to reveal Galaxy S23 series next month, which will help it recover.
Due to the downturn in the global electronics market, Samsung recorded this radically low profit in the fourth quarter. Since the company’s foundry business is under threat, customers like Qualcomm are approaching alternatives for chipset printing such as TSMC.
Samsung quarterly earnings forecasts
Way back in July 2009, Samsung Electronics provided quarterly earnings forecasts for the first time in Korea. Later, the company applied IFRS in advance in 2010 to provide information based on global standards so that investors can more accurately predict earnings and judge corporate value.
AI chip startup Tenstorrent recently announced that it will cooperate with Samsung to produce the next generation of AI chipsets, which will be manufactured using the 4nm SF4X process.
Tenstorrent praises the Samsung team as “known for its expertise in silicon manufacturing.” The chipsets will be manufactured using Samsung’s advanced SF4X process, which boasts an impressive 4nm architecture.
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The company has built powerful RISC-V CPUs and AI acceleration chips, aiming to break through the computing boundaries of multiple industries such as data centers, automobiles, and robots.
These chipsets are designed to deliver scalable power from milliwatts to megawatts for a wide range of applications from edge devices to data centers.
Previous report reveals that Tenstorrent completed a new round of financing of $100 million in August this year, with participation from Hyundai Motor Group and Samsung Catalyst Fund, a venture capital company owned by Samsung.
Google and HP have announced a partnership to manufacture Chromebooks in India, making them the first Chromebooks to be made in the country. The partnership aims to improve the digital education scenario in India by providing affordable and secure computing devices to students and educators.
According to the information, the Chromebooks will be produced at the Flex Facility near Chennai, where HP has been making various laptops and desktops since August 2020. The production of HP Chromebooks starts on October 2, 2023.
Chromebooks are the leading devices in K-12 education globally, with over 50 million students and teachers using them. Chromebooks have built-in accessibility and security features that make them ideal for online learning.
Today, Google and Alphabet CEO Sundar Pichai confirmed the partnership through a tweet on X (Twitter). He mentioned, “We are partnering with HP to manufacture Chromebooks in India – These are the first Chromebooks to be made in India and will make it easier for Indian students to have access to affordable and secure computing.
Samsung is not only planning to unveil the Galaxy Tab A9 in India next month but there will be a Plus variant too. In a recent development, the Galaxy Tab A9+ has been spotted on Google Play Console.
Google Play Console listing doesn’t reveal much about its specs, while its existence is almost confirmed. The Galaxy Tab A9 Plus will feature a 1200 x 1920 pixels resolution display, while the size remains unknown at the moment.
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Past reports revealed that this tablet will be equipped with Snapdragon 695 processor, coupled with 4GB RAM. However, the Tab A9 is said to sport MediaTek’s Helio G99 chipset and a 1340 x 800 pixels resolution display.
