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Samsung earnings show 32 percent drop in profits in Q3 2022

Samsung profits show 32 percent drop in Q3 2022

Samsung Electronics profit report for Q3 2022 show a drop of up to 32 percent, across its various arms, ranging from electronics to memory chips.

If the gloomy forecasts for the tech industry is not already scary enough, Samsung’s drop in profit is likely a better vantage point. With a series of its arms, competing in various markets, the company has been regarded as one of the biggest money-maker in the industry.

However, its Q3 results show what tech bosses have been afraid of. According to Aljazeera’s coverage, the company made $7.67 billion between July and September 2022. By comparison, it had made about $11 billion during the same period in 2021, marking its first year-over-year drop in profit in the last three years.

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Although analysts had not been enthusiastic about its profit, the result was still 8.5 percent lower than what Refinitiv had projected. The excuse was that customers spent less due to the rising inflation. Also, the company struggled with higher interest rates and the Ukraine invasion.

Samsung earnings show 32 percent drop in profits in Q3 2022
Samsung overtook Intel as the biggest chip supplier in 2021. Image Source: SamMobile

It is not only the end users that spent less during the quarter. Clients who patronised Samsung’s chip making arm were also not spending as much as usual. The forecast for the next quarter even looks bleaker as analysts predict even lesser spending in the chip making business.

The company has fixed an earnings call for October 27 to show results in details and share more information on its business with investors, the media and analysts.

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Onwuasoanya Obinna

A reader of books and stringer of words. Passionate about Science and Tech. When not writing or reading he is surfing the web and Tweeting.