News
Samsung reports record loss in Q1 2023, cutting chip output
Today, Samsung officially published the provisional results for the first quarter of 2023 with sales of 63 trillion won and an operating profit of 0.6 trillion won on a consolidated basis. Due to the global economic downturn and reduced chip demand, Samsung reported a 14-year record loss in Q1 2023.
Samsung revealed that the performance (loss) of Q1 2023 with sales decreased by 10.59 percent and operating profit by 86.08 percent compared to the previous quarter, and sales decreased by 19 percent and operating profit by 95.75 percent compared to the same period last year.
Samsung Q1 2023 Earnings Guidance
- Consolidated Sales: Approximately 63 trillion Korean won
- Consolidated Operating Profit: Approximately 0.6 trillion Korean won
Do note that the above estimates are based on K-IFRS. The Korean disclosure regulations don’t allow earnings estimates to be offered as a range. In order to follow such regulations, the above figures represent the median of the estimate ranges provided below.
- Sales: 62 ~ 64 trillion Korean won
- Operating Profit: 0.5 ~ 0.7 trillion Korean won
Cutting chip production
The South Korean tech titan reportedly said that memory demand had dropped sharply because of a weak global economy and customers slowing purchases as they focused on using up their stocks. To get rid of further losses, it’s cutting chip production.
“We are lowering the production of memory chips by a meaningful level, especially that of products with supply secured.”
Since the company will be trimming the chip production, it didn’t reveal the size of the planned production cut, but it sent a strong signal. It could have a tough decision for Samsung as it recently said that there will be small adjustments like pauses for refurbishing production lines but not a full-blown cut.
News
9 Samsung Galaxy devices will get Circle to Search feature this week
Samsung‘s Galaxy S24 series introduced the Google-powered Circle to Search feature, which is now set to expand to more Galaxy devices with the One UI 6.1 update. The Circle to Search feature expansion has been officially confirmed for more Google Pixel and Samsung Galaxy models.
Google and Alphabet CEO Sundar Pichai announced that Circle to Search will be available on more Pixel and Samsung Galaxy devices this week. He also noted that this feature would allow users to translate text on their screen without switching between applications.
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One UI 6.1 update will bring the Circle to Search feature to nine Samsung devices, including the Galaxy S23, Galaxy S23 FE, Galaxy S23 Plus, Galaxy S23 Ultra, Galaxy Z Flip 5, Galaxy Z Fold 5, Galaxy Tab S9, Galaxy Tab S9 Plus, and Galaxy Tab S9 Ultra.
Following the Pixel 8 and Pixel 7 series, this feature is also now scheduled to be released for the Pixel 6 series, Pixel Fold, and Pixel Tablet starting this week.
Starting this week, we’re bringing Circle to Search to more Pixel and Samsung phones, foldables and tablets. And soon, you can use Circle to Search to instantly translate whatever’s on your screen without switching apps. pic.twitter.com/bgUcUh7K9v
— Sundar Pichai (@sundarpichai) March 27, 2024
News
Samsung’s Bespoke AI Combo shines in outdoor ads at Korea’s major landmarks
Samsung is enhancing its presence with the ‘Bespoke AI Combo’ through outdoor advertisements at major landmarks across Korea. The advertisement highlights the product’s efficiency, showcasing its ability to wash and dry clothes swiftly using AI technology.
Since the 8th of March, the campaign has reached 20 significant locations, leading to outstanding sales of over 1,000 units in just three days and a total of 3,000 units in 12 days.
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The company has showcased the ‘Bespoke AI Combo’ at prominent locations in Korea including Yeouido The Hyundai Seoul, Seoul COEX, Seoul Famille Station, Gangnam Station, Starfield Suwon, Busan Shinsegae Department Store Centum City Branch, and Shinsegae Department Store Daegu Branch.
Samsung is set to expand its marketing efforts for the ‘Bespoke AI Combo’ with a TV advertisement scheduled for the 23rd, complementing its existing outdoor campaign.
Furthermore, this year, Samsung continues to advance its AI home appliance line, introducing products like the Bespoke Jet AI and Bespoke Grande AI, strengthening its position as a leader in AI-powered home appliances.
News
Apple faces US DOJ lawsuit over alleged iPhone monopoly
The US Department of Justice (DOJ) has filed a lawsuit against tech giant Apple, accusing the company of maintaining an illegal monopoly in the smartphone market. The DOJ accuses Apple of violating the Sherman Antitrust Act.
The suit claims Apple has restricted third-party app growth, limited cloud and game-streaming services, forced continued iPhone purchases for messaging, diminished non-Apple smartwatch functionality, and prevented third-party digital wallet use.
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In a press conference, US Attorney General Merrick Garland highlighted issues such as the App Store’s fee system, degraded third-party accessory experiences, and relies heavily on Messages. The case, backed by 16 state Attorneys General, could have significant implications for Apple’s business practices and the broader tech industry.
The US DOJ said in a release about the suit:
“Apple exercises its monopoly power to extract more money from consumers, developers, content creators, artists, publishers, small businesses, and merchants, among others.”
Apple also responded by defending its innovation and user-focused approach, warning that the lawsuit could hinder its ability to deliver the seamless technology integration users expect. Check the entire response of Apple below.
“At Apple, we innovate every day to make technology people love — designing products that work seamlessly together, protect people’s privacy and security, and create a magical experience for our users. This lawsuit threatens who we are and the principles that set Apple products apart in fiercely competitive markets.
If successful, it would hinder our ability to create the kind of technology people expect from Apple — where hardware, software, and services intersect. It would also set a dangerous precedent, empowering the government to take a heavy hand in designing people’s technology. We believe this lawsuit is wrong on the facts and the law, and we will vigorously defend against it.”