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Samsung and other Korean giants stumble as global economy slows
Due to sluggish chip and energy sectors amid a global economic slowdown, South Korea’s major companies performed far worse than their US counterparts in the first half of 2023.
According to FKI report, South Korea’s top 100 nonfinancial firms listed on the main local bourse saw their combined sales edge up 0.3 percent on-year to $746.3 billion in the January-June period.
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Samsung saw its sales, operating profit, and net profit dip 21.5%, 95.4% and 86.9% on-year, respectively. Comparable figures of its US counterpart, Apple, dropped 4.2%, 10% and 9.2%.
The FKI stressed the need for South Korean big businesses to establish stable profit sources as they remain more vulnerable to external shocks than big U.S. companies.
The combined operating profit of the Korean companies tumbled 63.4 percent on-year to $24.8 billion won in the six-month period, while that of the U.S. corporations shrank 3.9 percent to $638.5 billion.
Recently, it was rumored that Samsung is going to rebrand Exynos as Dream Chip. In a recent development, it has been reported that Samsung Semiconductor disclosed Exynos is not rebranding to Dream Chip anytime soon.
In addition, the company’s semiconductor decision revealed that Dream Chip is an internal project name. Earlier, Samsung formed a Dream Team to research a chipset tailor-made for flagship Galaxy devices.
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If Dream Chip is an internal project name, the existence of a Galaxy-exclusive chipset just confirmed. However, it will take time for the company to finally commercialize the processor on Galaxy smartphones.
“All rumors regarding rebranding are not true,” Samsung Semiconductor told us in response to AndroidAuthority’s follow-up question.
Recently, the Big Ten Conference and Big Ten Network announced that Samsung (Galaxy Tab S9 Ultra) became its official tablet partner for the Big Ten Conference.
To kick off the partnership, the Big Ten, Samsung and Indiana Sports Corp will host a high school football coaches workshop on Saturday, Dec. 2, at Lucas Oil Stadium led by Jake Butt and Gerry DiNardo.
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A diverse group of 10 Indiana high school football coaches will utilize the Galaxy Tab S9 Ultra as they receive instruction from Butt and DiNardo on breaking down film and utilizing the tablet’s best-in-class features.
As a part of the partnership, the Big Ten Network will deliver Samsung Galaxy Tab S9 Ultra branded social content across its platforms, including coverage from the coaches workshop and the Big Ten Football Championship Game.
Additional partnership elements include Samsung’s ability to use the Big Ten’s registered trademarks, as well as various promotional signage assets at the Big Ten Football Championship game.
Global sport and entertainment agency, CSM, assisted Samsung in the development and negotiation of the partnership with the Big Ten Conference and Network.
Samsung has reportedly experienced a decrease in smartphone sales in October 2023. In particular, the company’s smartphone sales dipped 8 percent year-over-year, and 2 percent compared to September 2023.
According to Hana Securities (via Revegnus), Samsung smartphone sales slowed down in October 2023 due to the lack of new launches. At the same time, Apple spent a fruitful October due to its recently released iPhone 15 series.
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Despite intensified competition in the mid-range market, the sales of Samsung’s Galaxy A series remained steady. Talking about flagships, the S23 series and Z Flip/Fold 5 sales remained strong compared to their predecessors.
The 9-month sales of the Galaxy S23 reached 25.06 million units (S23 Ultra 11.63 million, S23 Plus 4.52 million, S23 8.91 million), surpassing the S22’s corresponding sales of 20.32 million units by 23%.
Apart from this, the 3-month sales of the Galaxy Z5 series recorded 4.86 million units (Z Flip 5: 3.08 million, Z Fold 5: 1.79 million), a 4% increase over the Z4 series’s 4.68 million units (Z Flip 4: 2.87 million, Z Fold 4: 1.81 million).
Samsung Smartphone Sales in October 2023:
– Experienced an 8% decrease compared to the same month last year and a 2% decrease compared to the previous month.
– Due to the absence of new models that could boost sales.
– However, despite intensified competition in the mid-range… pic.twitter.com/J558ABOk1e— Revegnus (@Tech_Reve) November 28, 2023