Samsung Posts Record Revenue in 2022 Despite Slow Smartphone Sales

Samsung published its financial results for the final quarter of 2022 and the fiscal year. Once again Samsung managed to reach record revenue in 2022 – KRW 302.23 trillion (about $244 billion). This is an 8% increase compared with 2021. However, the operating profit was KRW 43.38 trillion, 15% less than it was the previous year.

Samsung Posts Record Revenue in 2022 Despite Slow Smartphone Sales

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The company revealed that the Q4 period was underwhelming for Samsung. The company recorded a decline in sales in virtually all divisions because of weak demand caused by the global economic slowdown.

The Mobile Experience (MX) division saw a 9% YoY decline in revenues in Q4. On contrary, the full year saw 10% more sales than the year before that. Profits fell across the board though – lower both sequentially and year-on-year for the final quarter and lower for the full year. Samsung confirms the mass market contracted sharply because of “inflation and geopolitical instability”.

Moreover, the demand for Galaxy smartphones was unexpectedly weak in the holiday quarter. However, flagships still held strong relative to market projections. Samsung also expects the lower sale trend to continue in Q1 2023, but things will eventually turn around after the launch of the Galaxy S23 series. Samsung is all ready to launch its Galaxy s23 series tomorrow. The company will bring the series with an enhanced camera and gaming functionalities.

Samsung further revealed that the upcoming year will remain tough. Mass-market models will take the biggest hit. Moreover, the company will try to counter that with competitive deals through carriers.

See Also: Samsung Galaxy S23 Unpacked Event – What to expect

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Onsa Mustafa

Onsa is a Software Engineer and a tech blogger who focuses on providing the latest information regarding the innovations happening in the IT world. She likes reading, photography, travelling and exploring nature.

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