Samsung Electronics, the world's biggest mobile phone manufacturer, reported a 31 per cent drop in its third-quarter net profit as weak demand in consumer electronics hit its semiconductor business.
Profit in the three-month period to the end of September fell to 10.85 trillion won ($7.7 billion) from a year earlier, the Seoul-based company said on Thursday.
Its semiconductor business, which has been a critical driver of growth, saw profit plunge by nearly half to 5.12tn won from 10.06tn won in the same period of 2021. The company cited weak demand for consumer products and inventories exceeding market expectations as reasons for the slide.
"The company plans to align its supply strategy with the mid-term market outlook, taking into account the limited overall production in the industry," Samsung said.
Demand is expected "to recover partially in 2023 but macroeconomic uncertainties to persist", it said.
Revenue in the third quarter, however, hit a new record, climbing more than 3 per cent to about 77tn won from 74tn won a year earlier, the company said. It expects annual revenue to surpass the record it set in 2021.
Samsung warned of the profit slump on October 7. Its results were largely in line with the warning, though revenue fared slightly better.
The company's shares were little-changed after the release of the results and were up about 0.4 per cent in noon trading in Seoul.
Samsung released its results the same day as it announced that de facto leader Lee Jae-yong would be promoted to chairman after receiving a presidential pardon in August following a conviction for fraud.
"Our survival depends on future technologies. We can turn this crisis into opportunity," Mr Lee said, according to the Yonhap news agency.
Samsung, the manufacturer of the Apple iPhone's rival Galaxy series, is also one of the world's top semiconductor makers and has benefitted from a surge in demand for chips during a shortage in the industry.
The Covid-19 pandemic caused an unprecedented surge in demand for consumer electronics, catching the industry by surprise and upending supply chains, causing shortages.
The semiconductor industry had a record 2021, with sales rising 26 per cent to $556bn, its highest annual total yet, the Semiconductor Industry Association reported. A record 1.15 trillion semiconductor units were shipped last year, it said.
The market was projected to reap nearly 14 per cent more in revenue this year compared to 2021 and reach $676bn, research firm Gartner said.
But a decline in demand for electronics has the chip industry bracing for a potential repeat of 2020, as consumers feel the pinch of the effects of soaring inflation, higher interest rates and the disruption caused by Russia's military offensive in Ukraine.
Shipments of personal computers dropped 15 per cent year-on-year to 70 million units in the second quarter, the lowest level since a similar disruption occurred in the first quarter of 2020 when the pandemic started to take hold, research firm Canalys said.
Smartphone shipments in the three-month period that ended in June, meanwhile, declined 9 per cent annually, also because of weaker demand, it said.
The company plans to align its supply strategy with the mid-term market outlook, taking into account the limited overall production in the industry
Samsung Electronics
Third-quarter profit at Samsung's mobile division, which includes its flagship Galaxy smartphones, dropped about 3.6 per cent annually to 3.24tn won from 3.36tn won.
Revenue, however, jumped by more than 13 per cent to 32tn won from 28tn won a year ago, driven by the launches of new smartphones and wearable devices. Samsung is expected to unveil the next iteration of its Galaxy S smartphone in the first quarter of 2023.
The company's mobile display unit posted profit of about 1.98tn won in the second quarter, up about a third from a year ago, with revenue improving by 6 per cent.
In its visual display and appliances division, profit dived by two thirds to 250 billion won, but revenue improved by about 4.6 per cent per cent annually to 14.75tn won.
MATCH INFO
Uefa Champions League semi-final, first leg
Bayern Munich v Real Madrid
When: April 25, 10.45pm kick-off (UAE)
Where: Allianz Arena, Munich
Live: BeIN Sports HD
Second leg: May 1, Santiago Bernabeu, Madrid
How to donate
Send “thenational” to the following numbers or call the hotline on: 0502955999
2289 – Dh10
2252 – Dh 50
6025 – Dh20
6027 – Dh 100
6026 – Dh 200
Red flags
- Promises of high, fixed or 'guaranteed' returns.
- Unregulated structured products or complex investments often used to bypass traditional safeguards.
- Lack of clear information, vague language, no access to audited financials.
- Overseas companies targeting investors in other jurisdictions - this can make legal recovery difficult.
- Hard-selling tactics - creating urgency, offering 'exclusive' deals.
Courtesy: Carol Glynn, founder of Conscious Finance Coaching
All%20We%20Imagine%20as%20Light
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RESULTS
Bantamweight: Jalal Al Daaja (JOR) beat Hamza Bougamza (MAR)
Catchweight 67kg: Mohamed El Mesbahi (MAR) beat Fouad Mesdari (ALG)
Lightweight: Abdullah Mohammed Ali (UAE) beat Abdelhak Amhidra (MAR)
Catchweight 73kg: Mosatafa Ibrahim Radi (PAL) beat Yazid Chouchane (ALG)
Middleweight: Yousri Belgaroui (TUN) beat Badreddine Diani (MAR)
Catchweight 78KG: Rashed Dawood (UAE) beat Adnan Bushashy (ALG)
Middleweight: Sallah-Eddine Dekhissi (MAR) beat Abdel Enam (EGY)
Catchweight 65kg: Yanis Ghemmouri (ALG) beat Rachid Hazoume (MAR)
Lightweight: Mohammed Yahya (UAE) beat Azouz Anwar (EGY)
Catchweight 79kg: Souhil Tahiri (ALG) beat Omar Hussein (PAL)
Middleweight: Tarek Suleiman (SYR) beat Laid Zerhouni (ALG)
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
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%3Cp%3E%3Cstrong%3EAuthor%3A%20%3C%2Fstrong%3EAbdullah%20Khan%0D%3Cbr%3E%3Cstrong%3EPublisher%3A%20%3C%2Fstrong%3EPenguin%20Random%20House%3Cbr%3E%3Cstrong%3EPages%3A%20%3C%2Fstrong%3E304%0D%3Cbr%3E%3Cstrong%3EAvailable%3A%20%3C%2Fstrong%3ENow%0D%3Cbr%3E%3C%2Fp%3E%0A
The specs
Engine: 2.0-litre four-cylinder turbo
Power: 268hp at 5,600rpm
Torque: 380Nm at 4,800rpm
Transmission: CVT auto
Fuel consumption: 9.5L/100km
On sale: now
Price: from Dh195,000
Specs
Engine: 2-litre
Transmission: Eight-speed automatic
Power: 255hp
Torque: 273Nm
Price: Dh240,000
Countries recognising Palestine
France, UK, Canada, Australia, Portugal, Belgium, Malta, Luxembourg, San Marino and Andorra
Tuesday's fixtures
Kyrgyzstan v Qatar, 5.45pm
Most match wins on clay
Guillermo Vilas - 659
Manuel Orantes - 501
Thomas Muster - 422
Rafael Nadal - 399 *
Jose Higueras - 378
Eddie Dibbs - 370
Ilie Nastase - 338
Carlos Moya - 337
Ivan Lendl - 329
Andres Gomez - 322
Scream%20VI
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Venom
Director: Ruben Fleischer
Cast: Tom Hardy, Michelle Williams, Riz Ahmed
Rating: 1.5/5
Zayed Sustainability Prize
EA Sports FC 26
Publisher: EA Sports
Consoles: PC, PlayStation 4/5, Xbox Series X/S
Rating: 3/5
ENGLAND WORLD CUP SQUAD
Eoin Morgan (captain), Moeen Ali, Jonny Bairstow, Jos Buttler (wicketkeeper), Tom Curran, Joe Denly, Alex Hales, Liam Plunkett, Adil Rashid, Joe Root, Jason Roy, Ben Stokes, David Willey, Chris Woakes, Mark Wood
25%20Days%20to%20Aden
%3Cp%3EAuthor%3A%20Michael%20Knights%3C%2Fp%3E%0A%3Cp%3EPages%3A%20256%3C%2Fp%3E%0A%3Cp%3EAvailable%3A%20January%2026%3C%2Fp%3E%0A
Company%C2%A0profile
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Company%C2%A0profile
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Stuck in a job without a pay rise? Here's what to do
Chris Greaves, the managing director of Hays Gulf Region, says those without a pay rise for an extended period must start asking questions – both of themselves and their employer.
“First, are they happy with that or do they want more?” he says. “Job-seeking is a time-consuming, frustrating and long-winded affair so are they prepared to put themselves through that rigmarole? Before they consider that, they must ask their employer what is happening.”
Most employees bring up pay rise queries at their annual performance appraisal and find out what the company has in store for them from a career perspective.
Those with no formal appraisal system, Mr Greaves says, should ask HR or their line manager for an assessment.
“You want to find out how they value your contribution and where your job could go,” he says. “You’ve got to be brave enough to ask some questions and if you don’t like the answers then you have to develop a strategy or change jobs if you are prepared to go through the job-seeking process.”
For those that do reach the salary negotiation with their current employer, Mr Greaves says there is no point in asking for less than 5 per cent.
“However, this can only really have any chance of success if you can identify where you add value to the business (preferably you can put a monetary value on it), or you can point to a sustained contribution above the call of duty or to other achievements you think your employer will value.”
Match info
Premier League
Manchester United 2 (Martial 30', Lingard 69')
Arsenal 2 (Mustafi 26', Rojo 68' OG)
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The Lowdown
Us
Director: Jordan Peele
Starring: Lupita Nyong'o, Winston Duke, Shahadi Wright Joseqph, Evan Alex and Elisabeth Moss
Rating: 4/5
Dunki
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Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Andor
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The%20Letter%20Writer
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