Samsung sees 95% drop in profits for a second consecutive quarter

Technology@lemmy.world – 602 points – 12 months ago

Samsung sees 95% drop in profits for a second consecutive quarter::Today, Samsung posted its Q2 2023 financial results. The report says Samsung's profits have dropped considerably compared to last year.

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Lol everyone commenting it's because THEY don't want to buy a new phone. Samsung supplies screens, electronic internals for other companies, and a fuck ton of appliances. They don't only make phones..

Yet the article says Samsung attributes that to the phones market?

Samsung attributes this loss in profit to the decline in smartphone shipments due to “high interest rates and inflation.”

Something else that doesn’t seem to bode well is the fact that Samsung believes the boost that came from the launch of the Galaxy S23 series has faded.

And expects a comeback because it’s launching new models…

The manufacturer highlights the launch of the Galaxy Z Flip 5 and Galaxy Z Fold 5. It also believes that the smartphone market will make a return.

This seems to indicate that most variable profit comes from the smartphones market.

I was just in a vacation rental looking at a Samsung mini-split AC and wondering if it was good or not haha.

Their washing machines and dryers aren't great compared to LG, so I would be suspicious of their ACs.

Samsung and LG are both garbage when it comes to washers, dryers and the worst for refrigerators.

What do you mean? Consumer Reports ranks LG dryers as the best, so much that you the next best dryer that isn't an LG is a Samsung in 21st place.

Of CR recommended dryers, 11/11 electric dryers are LG and 20/25 gas dryers are LG.

https://www.consumerreports.org/products/clothes-dryers-28982/electric-dryer-30562/view2/ (requires a subscription)

Where do you get your data from?

Consumer Reports isn't a valid source. They have paid reports.

Speed Queen is the top brand in washers and dryers.

LG dryers do not last past their warranty for very long. Anyone who's owned an LG can tell you that as with appliance repair companies.

LG and Samsung are very poor.

Consumer Reports isn’t a valid source. They have paid reports

Do you have a source for that? That would be a pretty big deal considering they're a non-profit that claims to accept no samples and no advertising.

PeTA claims is doesn't fund terrorism. Yet they do. They were blacklisted from Walmart donations when I worked there for that sole reason.

Do you have a source for Consumer Reports having sponsored reports or not?

Are you referring to the $375,000 grant from the Climate Imperative Foundation to sponsor a report (with disclosure) on the impact of gas stoves on indoor air quality? That's the only instance I've been able to find in my searches on the subject.

If that's what you're referring to, are you suggesting that because CR once took a single payment to sponsor an article on gas stoves, that their reviews of washing machines are biased by sponsorship, even though they disclosed the former and haven't disclosed the latter?

Cumsumer Reports is UserBenchmark of appliances.

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