Samsung's Q1 2023 profits plummet due to semiconductor losses.

Samsung's semiconductor business reported record losses, resulting in a consolidated revenue of KRW 63.75 trillion (US$47.5 billion) and an operating profit of only KRW 0.64 trillion (US$477 million) for Q1 2023. The company blamed ongoing inventory adjustments, economic slowdown, and weakened customer spending for the decrease in overall demand. However, Samsung's mobile division performed well, posting KRW 31.82 trillion (US$23.7 billion) in consolidated revenue and KRW 3.94 trillion (US$2.9 billion) in operating profit, thanks to the strong sales of the Galaxy S23 series.