Samsung is seeing its biggest decline in profits in a decade despite strong Galaxy S23 sales

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Samsung posts its biggest profit in a decade due to a slowdown in Q1 2023. Despite being the world’s largest supplier of AMOLED panels for smartphones and an important memory chip supplier, Samsung reported a 95% decline in profit in Q1 2023. The Korean group posted revenue of 63.75 billion won with a net profit of 640 billion won, down 18% from the same period last year. The lower revenue can be attributed to a heavy loss of 4.58 billion won from its semiconductor business. However, Samsung’s mobile division posted a healthy profit of 3.94 billion won on revenue of 30.74 billion won, due to strong sales of the premium Galaxy S23 series Samsung expects consumer demand to pick up further on in the second half of the year.