Danger bells ringing for Samsung; 78 percent loss

Things are not going very well for Samsung. The South Korean-based company, which is preparing to announce its latest quarterly results, is heading toward a loss.

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Danger bells ringing for Samsung; 78 percent loss

South Korea-based Samsung is preparing to announce the company's latest quarterly results. However, things are not going well at the company, and it is reported that the third-quarter results are not very good. Preparing to announce a 78 percent loss in operating profit in 2023, the company is forecasting a loss that is below estimates.

Things have not been going well for Samsung since 2022. Previously, in a statement made by Samsung Electronics Vice Chairman and co-CEO Han Jong-hee during CES 2023, it was stated that 2023 would not be an easy year.

It is known that the pandemic, economic stagnation, and global crises have negatively affected companies, but this has been more palpable for Samsung. Accordingly, the firm will announce a 78 percent loss in operating profit in the third quarter of 2023 compared to the third quarter of 2022. While this loss, for which estimates were 80 percent, is still significant, it is highlighted that the operating profit has increased compared to the second quarter of 2023. As stated, the operating profit for this quarter is expected to be 1.79 billion dollars, and sales revenue is expected to be 50 billion dollars.

News Source: 12punto