Samsung has reported a 96 percent fall in operating profits and expects its worst results in 14 years for Q2 2023.The tech industry has faced headwinds from a poor economic situation globally, and a slump in computer chip production.
Samsung is still making money, even if its sales have slowed drastically. A decline of around 22 percent to $46 billion saw its stocks slide by a small margin in Seoul, reportsThe technology industry is bearing the brunt of a huge $160 billion global memory chip production shortage on the back of a sustained drought in demand. The semiconductor industry is expected to have experienced its most turbulent market conditions at the beginning of 2023.
However, analysts are optimistic that these poor results in the tech industry are only temporary. Abating wider fears of an impending recession. It all depends on how the markets fare.