Current Events > Samsung sees 95% drop in year-over-year profits for second consecutive quarter

(+) Yeah! (+)

In the first quarter of the year, Samsung reported 95% decline in year-over-year earnings. Fast forward to today and it appears Samsung finds itself in the same hole for the second consecutive quarter.

Today, the Korean tech giant posted its Q2 2023 financial results, and it�s not pretty. According to the report, the company once again saw a 95% decline in year-over-year profits. It appears Samsung brought in a profit of 0.67 trillion ($523.5 million) Korean won (KRW), which is a drop in the bucket to the 14.12 trillion KRW ($11.06 billion) it made last year.

Samsung attributes this loss in profit to the decline in smartphone shipments due to �high interest rates and inflation.� As a report from Counterpoint Research suggests, the US smartphone market fell by 24% year-on-year in Q2 2023. Samsung, in particular, saw a 37% yearly decline in shipments, giving it 23% of the total US market.

Something else that doesn�t seem to bode well is the fact that Samsung believes the boost that came from the launch of the Galaxy S23 series has faded.

However, it�s not all doom and gloom. The manufacturer highlights the launch of the Galaxy Z Flip 5 and Galaxy Z Fold 5. It also believes that the smartphone market will make a return.

Samsung has high hopes for its two foldables. In a Google translated quote from TM Roh, the head of Samsung�s mobile division states that he believes the company will sell �one out of three Galaxy flagship smartphones in Korea this year as a foldable.� He also says, �global foldable sales will exceed 20% of all Galaxy flagships.�

They only made $523 million, boohoo.

So is the smartphone market down just because economic climate reasons, or is there something deeper here as to why? You dont just lose nearly 1/4 of a market size over a quarter for no reason, or seasonal changes.

They discontinued the Note

So is the smartphone market down just because economic climate reasons, or is there something deeper here as to why? You dont just lose nearly 1/4 of a market size over a quarter for no reason, or seasonal changes.

I would imagine people decided that when they paid $1200+ for a phone, they should hold onto it longer than 2 years.

Stop making fucking phones.

That is a very small number considering how many different categories Samsung sells products in.

It's due in part to the loss of the Note with their July/August events.

What they should do is release the Galaxy S24 and S24+ ONLY at the start of the new year and the Note 24 (yes, the Note - stop calling it the Ultra. Note has much more brand power) along with the foldables and watches in the summer.

Bring back microSD slots.

So what should I upgrade to if I have note 9?
I didn't know the note was not a thing anymore. But I like the pen!! I always have sweaty hands (anxiety reason) so I use the pen often

So what should I upgrade to if I have note 9?
I didn't know the note was not a thing anymore. But I like the pen!! I always have sweaty hands (anxiety reason) so I use the pen often

The Samsung TV i have is prob the last Samsung TV Ill ever get. Its still doing ok for my needs as a primary pc screen but it does have some problems with "normal" TV tasks. The apps are sluggish and has frequent disconnection issues compared to the LG C1 that is downstairs. I remember Netflix and Amazon video taking like a min or two to load and none of the videos wanted to load. Had to factory reset a few times to get it working OK again but this only a temporary solution. Also the past few months it is not automatically connecting to my pc anymore after turning it on. Instead it'll try to load up some app first. i have to actually use my remote to put it on pc input. This wasn't a problem till after a power outage maybe it is just a coincidence idk.

Samsung should really streamline their mobile product line. They make a shitload of different phones and tablets even though people only really buy their expensive flagships and cheap budget devices. I rarely see anybody even acknowledging the existence of their mid-range phones.

As someone who has a S21 U and would lean to getting another Samsung, I'll admit the casual crowd mostly aspires to have an iPhone, not a Samsung.

I haven't met a single person that said "I hope I can get a Samsung one day!"

1. As far as Im aware, its not really possible to sideloading things on there without jailbreaking, and if you can, Im not aware of an alternative to YouTube ReVanced etc to eliminate YouTube ads on mobile. Thats an absolute requirement for me.
2. Apple wont support FLAC in the music apps and just give access to that folder properly. To get an equivalent experience on iOS, Id have to plug my phone into my computer with USB, make a copy of my music collection converted to ALAC, and transfer the ALAC copy with iTunes. Whereas on Android I can just use KDE Connect to wirelessly explore my phone, drag and drop my FLAC music in the music folder, and then in my music app tell it to rescan.

I haven't met a single person that said "I hope I can get a Samsung one day!"

I have the same phone, and it really pushes me off that the Galaxy Store even exists. Id be willing to try an iPhone if not for two things:
1. As far as Im aware, its not really possible to sideloading things on there without jailbreaking, and if you can, Im not aware of an alternative to YouTube ReVanced etc to eliminate YouTube ads on mobile. Thats an absolute requirement for me.
2. Apple wont support FLAC in the music apps and just give access to that folder properly. To get an equivalent experience on iOS, Id have to plug my phone into my computer with USB, make a copy of my music collection converted to ALAC, and transfer the ALAC copy with iTunes. Whereas on Android I can just use KDE Connect to wirelessly explore my phone, drag and drop my FLAC music in the music folder, and then in my music app tell it to rescan.

I have the same phone, and it really pushes me off that the Galaxy Store even exists. Id be willing to try an iPhone if not for two things:
1. As far as Im aware, its not really possible to sideloading things on there without jailbreaking, and if you can, Im not aware of an alternative to YouTube ReVanced etc to eliminate YouTube ads on mobile. Thats an absolute requirement for me.

I think more and more people are realizing that even cheapo phones like Aquos do all the same crap, for a quarter of the price. Oh no you cant take microfiber photos of whatever. If you really love photography, get a real camera.

I would imagine people decided that when they paid $1200+ for a phone, they should hold onto it longer than 2 years.

got an s22 ultra. it's so nice i don't think i'll need to upgrade for like 5 years.