The warning signs regarding Samsung's chip business have been readily apparent for quite some time, but the severity of the company's troubles was realized yesterday. Samsung revealed its earnings for the first quarter of 2023, and it wasn't pretty. The company said revenue came in at 63.75 trillion Korean won ($47.6 billion), which was down 18 percent compared to Q1 2022, but in line with Samsung's previous guidance.
However, the South Korean chip and electronics giant said that operating profit during the quarter plummeted from KRW 14.12 million ($10.5 billion) during Q1 2022 to just KRW 640 billion ($476 million). To put that figure into perspective, Samsung hasn't reported an operating profit that low since Q1 2009.
