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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.
New York became the first US state to bring retail consumer rebates for appliances under the Inflation Reduction Act. Applauding the move, Samsung launched a huge energy-saving opportunity for the residents of New York.
Samsung started offering up-front discounts to consumers statewide through New York’s IRA HEAR program. Consumers can now access IRA’s Home Electrification and Appliance Rebate (HEAR) program.
IRA HEAR rebate program advantages
- Save up to $840 on Samsung’s innovative ENERGY STAR products, including laundry appliances like heat pump dryers and all-in-one combo washers + heat pump dryers.
Visit Samsung’s home appliance page to learn more about the options available.
Samsung said this is just the beginning of its rebates journey in New York. The company looks forward to working with partners to expand these retail rebates to more products and in more states across the United States.
Pay attention, the IRA provides rebates and tax credits to households across America. New York is leading the way in providing direct retail point-of-sale appliance rebates, supporting an affordable clean energy transition.
Inflation Reduction Act
Signed in August 2022, the Inflation Reduction Act is the single largest investment in climate and energy in American history.
It provides home appliance rebates for discounts on electric energy-efficient appliances like Induction cooktops, ranges, and heat pump laundry appliances.
Samsung Galaxy Watch Ultra has undergone one of the most extreme military tests. The company has recently published a Watch Ultra test video, featuring Phillip Chu Joy.
Phillip participated in the Peruvian Navy’s Special Operations Course to showcase the watch’s capabilities. It is renowned as one of the world’s most challenging military training programs.
“The Galaxy Watch Ultra pushes technology to its limits, handling extreme conditions with ease,” Chu Joy remarked. “It’s undoubtedly designed for those seeking exceptional performance.”
The Samsung Galaxy Watch Ultra proves its durability and functionality in water, mud, and sand — excelling even under the grueling conditions of Peru’s most extreme military training.
Galaxy Watch Ultra
The Watch Ultra boasts a Grade 4 titanium frame. It also features a shockproof cushioned design that meets MIL-STD-810H2 military standards and water resistance of up to 10ATM.
The product is capable of operating within a broad temperature range of -20°C to 55°C4 and performing at altitudes of up to 9,000 meters above sea level.
These capabilities make it ideal for tracking advanced physical activities like ocean swimming and cycling in extreme conditions; take the Perivian military training as a recent proven example.
Samsung’s Watch Ultra is the ultimate companion for sports enthusiasts and extreme adventurers. It’s crafted to endure the toughest conditions with its pro-grade features and premium materials.
Samsung’s Mauricio Revollar stated:
“We wanted the public to experience the Galaxy Watch Ultra like never before in the Peruvian market by creating the most extreme product review ever undertaken here.”
“This was made possible thanks to the collaboration of the Peruvian Navy, which allowed us to highlight and celebrate the commitment of the students in one of the world’s most demanding military training programs.”
Watch the video below:
Apple collaborated with OpenAI to power Apple Intelligence features. The ChatGPT maker continues to create obstacles for Google. In a recent move, OpenAI discussed a potential AI partnership with Samsung.
TheInformation (via Reuters) reported that OpenAI has recently discussed powering AI features on Samsung-made devices. It seems the ChatGPT-maker wishes an AI partnership with Samsung to expand its reach in multiple folds.
The company is considering developing a web browser to rival Google’s Chrome. OpenAI recently introduced its search engine called SearchGPT. It is available to limited users alongside internal testers and strategic partners.
Samsung x OpenAI
Samsung and Google’s close partnership doesn’t need any elaboration. The friendship isn’t limited to services, as both firms work across an ecosystem. However, it doesn’t stop Samsung from partnering with OpenAI in favor of better service.
As the AI phone market is growing rapidly, OpenAI may innovate further. Google doesn’t lag, but there’s still room for a potential alliance. Apple Intelligence-like features might be deployed on Galaxy phones after Samsung’s partnership.
OpenAI knows Samsung holds the command of the worldwide smartphone market. Expansion of its services will be quite broader than Apple if its partnership with Samsung pens down. For now, take this information as a grain of salt!
Apple x OpenAI
Apple leads the worldwide premium smartphone market. Google and Samsung introduced their AI phones in October 2023 and January 2024, respectively. It forced Apple to immediately enter the segment to normalize the innovation gap.
Google’s availing Gemini Nano AI model, but Apple joined hands with OpenAI. To create a difference, OpenAI powering some of the coolest AI features on recent iPhones. The move is to attract other vendors to adopt source AI from OpenAI.
Well, Apple still reportedly considering bringing Gemini AI on iPhones. The company believes that iPhone users should have different AI providers available. Hence, a multi-collaborative approach is also in the pipeline, at least from Apple’s end.