Samsung’s revenues fell again in 2023

Samsung’s revenues fell again in 2023. The company reported $194 billion in annual revenue and $4.9 billion in operating profit for fiscal year 2023, writes Engadget. 

Last year, the company earned $35 billion in operating profit, which is $6.9 billion less than in 2021. According to The Wall Street Journal, 2023 has the company’s weakest performance in the last decade.

TV and memory sales performed well and started to grow, but not enough to boost profits. The biggest problem is smartphone sales, which are declining quarter on quarter.

In 2024, Samsung plans to increase its profits “by increasing sales of high-value-added products,” such as components designed for generative AI products.

The company also hopes that the demand for its chips for PCs and smartphones will increase during the year, and it also has high hopes for the Galaxy S24. Executives believe that the AI capabilities of smartphones will help mobile businesses grow.