Samsung's Q4 2023 Operating Profit Drops 35% Amid Weak Consumer Demand

Despite the downturn, rebounding memory chip prices and new product lineup signal potential recovery in 2024.

Samsung Electronics reported a 35% drop in its operating profit for Q4 2023, falling to 2.8 trillion won ($2.13 billion) from 4.31 trillion won a year earlier.
Revenue also fell by 4.9%, reflecting weak consumer demand and uncertainty over the timing of a broader tech recovery.
Despite the downturn, there are signs of recovery as memory chip prices began to rebound during the October-December quarter.
Samsung is also counting on a new lineup of devices and foldables to drive growth in 2024.
The company aims to increase its capacity in the field of high-density memory chips by 2.5 times in 2024, hoping to catch up with rival SK Hynix.