Samsung Electronics Q2 profit down nearly 96 pct on-year to hit 14-year low
Korea HeraldAPR 2023
Samsung is among the major international chipmakers facing successive losses mainly due to the reckless US chip export restrictions on China, which is the world's largest single-market consumer of semiconductors. Aimed at containing China's rise, such measures to exclude the PRC from the global semiconductor industry chain have backfired and are hurting global chipmakers, not China.
Despite Samsung's Q2 profit falling to a 14-year low, this result was much better than market expectations and showed signs that the company will indeed have a six-fold increase to $2.8B in the third quarter as forecast. Additionally, its operating profit is expected to be $3.8B in the fourth quarter, up from $3.3B in Q4 2022. Things are still looking up.