- Samsung has confirmed that profits have dropped by 95% in Q2 2023.
- Samsung blames the decline in smartphone shipments for its financial troubles.
- Samsung is hoping the launch of its foldables will help level out these losses for the second half of the year.
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.