Samsung’s profits plunge 72% in 2023

In 2023, Samsung experienced a significant decline in profit due to decreased demand for its products with the net income dropping by 72.2% to 15.5 trillion won (approximately 80 billion Danish kroner). Revenue fell around 14% to 1341 billion kroner. Despite the decline, Samsung anticipates a rise in demand for its smartphones and computers in 2024. The company faces potential challenges including possible interest rate hikes and geopolitical issues, but expects an increase in demand for AI-based technological devices. Samsung recently launched its new AI-equipped Galaxy smartphone, aiming to reclaim the top-selling position from Apple. The semiconductor business remains crucial for Samsung’s growth and a market recovery is expected after a post-pandemic dip, with analyst Gloria Tsuen from Moody’s predicting an improved operational performance through the year.