Samsung announced its financial results for Q1 2023, and unfortunately, they are not very impressive. The company reported its lowest profit in 14 years as its chip division grappled with a number of problems and lost $3,4 billion.
The mobile division fared significantly better, reporting a 3% increase in operating profit compared to the same period last year. Samsung has hinted at its current strategy for the second quarter of 2023, which includes a fairly heavy marketing push for foldable devices. In its earnings report, the Korean giant highlighted that overall smartphone demand fell in Q1 2023, however, the premium segment grew in both value and volume last quarter. The series became a hit Galaxy S23, which brought high sales, especially of the most expensive model Galaxy S23 Ultra, which is why the company wants to focus on it and will intensively support the stable sales of its latest flagship.
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The company expects overall market demand to recover slightly in the lower and mid-range segments this quarter. At the same time, Samsung will also strengthen the marketing support of its folding models Galaxy From Fold a Galaxy From Flip. This aims to raise awareness before the new models are due to arrive in the second half of the year. Appeared informace, that another Samsung Unpacked event for models Galaxy From Fold5 a Galaxy From Flip5, it could possibly take place as early as the end of July.
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The company continues to work with the assumption that sales in the smartphone market will increase in the second half of this year, both in terms of volumes and value, thanks to the improvement in the global economic situation. Thus, the mobile division is counting on strong demand in the premium segment, which it would be able to satisfy through its new folding devices. Efforts to increase competitiveness in terms of tablets and smart watches with new models are also on the agenda Galaxy Tab a Galaxy Watch, whose arrival is expected in the second half of this year. It is more than likely that Samsung will also succeed in this segment, which has historically stagnated after significant growth during the pandemic.
