Samsung Reports 34% Annual Decline in Q4 2023 Operating Profit

Despite a tough year, the tech giant remains optimistic about a recovery in 2024 driven by increased demand for AI-powered semiconductors.

Samsung Electronics reported a 34% annual decline in operating profit for Q4 2023, marking the company's worst performance since the 2008 financial crisis.
Despite the decline, Samsung remains optimistic about a recovery in 2024, driven by increased demand for semiconductors that power artificial intelligence features in smartphones, PCs, and other products.
Samsung's chip business, traditionally its main profit generator, recorded a record loss of 14.9 trillion won ($11 billion) in 2023 due to weak demand for gadgets that use chips.
However, the company saw a recovery in the fourth quarter as the DRAM business returned to profit, and memory chip prices rebounded.
Samsung is also focusing on boosting sales of its latest smartphone, the Galaxy S24, which is built with an array of new features enabled by AI.