News
For the first time, Samsung surpassed $230 billion in sales
On March 15, Samsung Electronics held its 54th regular shareholders’ meeting where it announced that the company surpassed $230.62 billion in sales for the first time in 2022. Despite a continuous market downturn, the company created a new record, which is satisfying for the shareholders.
Follow our socials → Google News, Telegram, Twitter, Facebook
According to Vice Chairman Jong-Hee Han, CEO, despite the difficult environment last year, Samsung Electronics exceeded 300 trillion won (~ $230.62 billion) in sales for the first time thanks to the efforts and encouragement of many people, breaking the record for two consecutive years.
It’s worth mentioning that the Korean tech giant is facing a serious drop in its foundry business due to low demand and yield concerns. Samsung mobiles are selling well, but the company is now focussing more on the premium segment to increase overall revenue.
In addition, the company announced that it has been steadily preparing the foundation for sustainable growth through strategic facility investment and strengthening research and development (R&D) and focused on further solidifying its leadership in the industry.
Samsung is making efforts to contribute to the realization of sustainable daily life for customers with products and services based on innovative technologies. We will communicate with stakeholders, including shareholders, about sustainability management achievements and challenges. – Said Vice Chairman Jong-Hee Han.
Last but not least, Samsung Elec VC Han emphasized “concentration on the essence” and strengthened his resolution for this year’s management. The official said that “the secret to overcoming the crisis in a difficult environment was the truth of focusing on the essence.”
Samsung issued a rare apology shortly after announcing the 3Q24 earnings estimation. The frank apology comes from the newly appointed Head of DS Division and VC at Samsung Electronics, Yong-Hyun Jeon.
Through a press release, Samsung’s leadership extended its deepest apology to customers, investors, and employees. The announcement highlights several potential decisions as part of reclaiming the edge in the mobile industry.
Samsung VC’s statement:
“We have fallen short of market expectations, causing concern not only about our fundamental technological competitiveness but also about the future of our company.”
“Many people have expressed concerns about Samsung’s current crisis, and we take full responsibility for it as the leaders driving our business.”
Samsung’s operating profit declined by 12.84% compared to the previous quarter. The company managed to increase its sales in Q3, but it fell short of expectations. The company eventually failed to secure significant growth despite the AI boom.
Samsung reiterates its commitment to turn crises into opportunities through challenges, innovation, and perseverance. The company’s leadership team will take the lead in overcoming this crisis, the Newsroom post states.
Potential decisions eyeing long term growth:
- Samsung will restore our fundamental technological competitiveness.
- Samsung will ensure fundamental competitiveness.
- The development of new technologies that do not yet exist in the world and achieving unparalleled quality are the only ways for Samsung to rise again.
Preparation before deployment:
- Samsung will pave the way forward, reigniting the passion it’s known for.
- Samsung won’t adopt a mindset of merely defending anymore, but it will realm itself with a spirit of challenge, racing toward even higher goals.
Organizational reshuffle:
- Samsung said to closely re-examine the organizational culture and working methods as well as immediately correct anything that needs fixing.
- When the company identifies issues in the field, it will openly discuss and fiercely debate them to drive improvements.
Samsung has just announced the Galaxy A16 5G smartphone. This phone is making waves of excitement among users as it is the first budget smartphone to promise six years of Android updates and security patches.
If you buy the Samsung Galaxy A16 5G, you can expect software improvements until October 2030. For a phone priced under $200, this is a remarkable thing.
Now, not only Galaxy flagship users can enjoy the latest features and improvements as Samsung Galaxy A16 has been launched. 6 years of updates keep the Galaxy A16 phone secure and up-to-date with the latest features.
Most budget phones only get updates for one or two years, but Samsung is doing better by offering 6 years longer updates.
Talking about the specs, the Galaxy A16 5G features a large 6.7-inch AMOLED display with a sharp resolution of 2340 x 1080 FHD+, an octa-core Exynos 1330 processor with 4GB of RAM, 128GB of expandable storage, and 5,000mAh battery with 25W fast charging.
Moreover, the smartphone includes a triple-camera setup with a 50MP main camera, a 5MP ultrawide lens, and a 2MP macro camera. It also has a 13MP front camera for selfies.
If you’re thinking of buying a budget smartphone, the Galaxy A16 5G is a great choice.
Samsung launches Galaxy A16 5G with 90Hz OLED, 6X OS upgrades and more
Samsung and Nvidia reportedly completed the on-site inspection of the 5th-generation HBM3E. This is a significant development, but mass production still appears to be pending.
Digitimes reports that Samsung’s 5th-gen HBM3E cleared Nvidia’s on-site inspection. This inspection is viewed as a significant step forward, but mass production of the HBM is still pending.
Samsung and Nvidia continue to collaborate on the development of advanced memory technologies, which are crucial for applications in AI, gaming, and data centers.
Back in August, it was reported that Samsung’s HBM3E passed Nvidian’s tests for use in AI processors. It came as a big relief for Samsung as it has been struggling to compete with SK Hynix.
Recently, it was reported that Samsung’s chip decision is facing a slow pace of recovery growth. Despite the AI surge, the company is failing to grow faster amid intense competition.