It’s just been a few days since 2023 started and already we are having clear insights into tough times. Due to the global economic conditions and high inflation, 2023 is going to be a tough year. Not only do companies need to alter their strategies in challenging situations but also they need to tackle less demand and supply.
No matter how big or small a tech company is none is immune to such challenges and difficulties. With all the expert analysis and tough situations ahead the Vice Chairman and co-CEO Han Jong-Hee of Samsung announced that the tech firm is taking all the necessary steps to combat a tough year.
The recent data insights from the company state that the tech firm has faced a considerable decline in profits and revenues. In the last week, the corporation shared the details about the estimated earnings in Q4 2022. According to these reports, the operating profit of the company declined to around 70% in contrast to Q1 2022. Reportedly, this was the lowest profit earning by the company during the last eight years.
During the CES 2023 event, Han stated in a press conference that overlying and consequent crises, comprising of ongoing economic downturns, geopolitical situations, risks associated with supply chain and climate change have greatly impacted the certainty levels in the industry and in the market. During the press conference, the Co-CEO restated the company’s dedication to accelerating growth from robotics and the metaverse. Furthermore, the official signified that the current efforts taken by the company will dictate the success or failure of the company in the future.
He added that besides future perspectives, the company will stick to the core values that have performed well during the previous crisis. Since Hee performs his duties ta the smartphone business of Samsung, he mentioned that the company will be working to enhance its market share in China. Currently, Samsung holds a smartphone market share of 2% in China.
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