Samsung’s 2022Q3 financial report fell short of expectations
Samsung announced that its board of directors voted today to approve the appointment of Jay Y. Lee as chairman of Samsung Electronics. After ten years since he became the vice chairman in 2012, Jay Y. Lee was finally promoted to the chairmanship, and Samsung will enter the “Jay Y. Lee era”.
It was not easy after Jay Y. Lee took office. It coincided with the cold winter of the global semiconductor industry. The financial report showed that Samsung was affected by the sluggish demand for memory chips and electronic consumer markets. Revenue in the third quarter of 2022 fell short of expectations, marking its first profit decline in three years. Samsung’s third-quarter 2022 financial report shows that its revenue was 76.78 trillion won, a year-on-year increase of 3.8%, a record high; operating profit was 10.85 trillion won, down 31.4% year-on-year and 23% month-on-month; net profit was 9.39 trillion won, down 23.6% year-on-year.