Samsung Sales Fall, Are Pensions and Insurers In Harm’s Way?
Posted on 04/12/2023
South Korea’s Samsung Electronics Co., Ltd. profit has fallen due to plummeting demand, and the company will reduce its production in what is believed to be the result of an inventory glut. Samsung had an operating profit of US $455 million in Q1 2023, a 96% decline from Q1 2022. Sales fell about 20%, to US$ 47.7 billion. Despite the setback, Samsung is optimistic about its long range success: “We will continue to invest in infrastructure to secure essential levels in clean room capacities and expand investment in research and development to strengthen our technology leadership,” the company stated.
Major owners include Samsung Life Insurance Co. at 8.5% and National Pension Service of Korea with 7.6%. Samsung is reportedly preparing a folding tablet for consumers, known as the Galaxy Z.
