{"id":165999,"date":"2022-10-27T03:37:18","date_gmt":"2022-10-27T03:37:18","guid":{"rendered":"https:\/\/precoinnews.com\/?p=165999"},"modified":"2022-10-27T03:37:18","modified_gmt":"2022-10-27T03:37:18","slug":"samsung-q3-profit-drops-approves-appointment-of-jay-lee-as-executive-chairman","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/economy\/samsung-q3-profit-drops-approves-appointment-of-jay-lee-as-executive-chairman\/","title":{"rendered":"Samsung Q3 Profit Drops; Approves Appointment Of Jay Lee As Executive Chairman"},"content":{"rendered":"
Samsung Electronics Co Ltd (SMSN.L,SSNNF.OB,SSNLF.OB) reported a profit for the third-quarter that decreased 24.16 percent from the previous year. But quarterly sales rose 3.79 percent from the prior year.<\/p>\n
The company said that its board approved the appointment of Jay Lee as Executive Chairman of the company. The appointment was recommended by Independent Director and Board Chairman Han-Jo Kim.<\/p>\n
The Board cited the current uncertain global business<\/span> environment and the pressing need for stronger accountability and business stability in approving the recommendation.<\/p>\n The company expects annual revenue to surpass the historical high set in 2021.<\/p>\n Looking ahead to the fourth quarter, market demand for smartphones and wearables is forecast to increase from previous quarter due to year-end seasonality despite ongoing geopolitical issues and macroeconomic instability. <\/p>\n Samsung aims to sustain strong sales of flagship products, including foldable devices and S22 series, and expand sales of Galaxy Ecosystem devices such as tablets and wearables.<\/p>\n Looking ahead to 2023, overall TV demand is expected to remain stagnant, while demand for premium products including super-big TVs will continue to grow.<\/p>\n In the Memory Business, after a dampened first half, demand is expected to rebound centering on servers as data center installations resume. The Company plans to align its supply strategy with the mid-term market outlook, taking into account the limited overall production in the industry.<\/p>\n Looking to the fourth quarter, the company aims to deliver bit growth that exceeds the market for both DRAM and NAND by actively addressing demand, focusing on high-density and high-performance products, in line with the needs of its customers.<\/p>\n The South Korean electronics giant reported that its net income attributable to the shareholders of the parent company for the third-quarter declined 24.16 percent to 9.14 trillion Korean won from 12.06 trillion won in the same quarter last year.<\/p>\n Operating profit for the quarter also declined 31.39 percent to 10.85 trillion won from the previous year.<\/p>\n But quarterly sales were 76.78 trillion won, a 3.79 percent increase from a year earlier.<\/p>\n The Semiconductor businesses posted 23.02 trillion won in consolidated revenue and 5.12 trillion won in operating profit in the third quarter.<\/p>\n The Visual Display and Digital Appliances businesses posted 14.75 trillion won in consolidated revenue and 0.25 trillion won in operating profit in the third quarter.<\/p>\n For more earnings news, earnings calendar, and earnings for stocks, visit rttnews.com <\/p>\n