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According to Vice Chairman Jong-Hee Han, CEO, despite the difficult environment last year, Samsung Electronics exceeded 300 trillion won (~ $230.62 billion) in sales for the first time thanks to the efforts and encouragement of many people, breaking the record for two consecutive years.

It’s worth mentioning that the Korean tech giant is facing a serious drop in its foundry business due to low demand and yield concerns. Samsung mobiles are selling well, but the company is now focussing more on the premium segment to increase overall revenue.

In addition, the company announced that it has been steadily preparing the foundation for sustainable growth through strategic facility investment and strengthening research and development (R&D) and focused on further solidifying its leadership in the industry.

Samsung is making efforts to contribute to the realization of sustainable daily life for customers with products and services based on innovative technologies. We will communicate with stakeholders, including shareholders, about sustainability management achievements and challenges. – Said Vice Chairman Jong-Hee Han.

Last but not least, Samsung Elec VC Han emphasized “concentration on the essence” and strengthened his resolution for this year’s management. The official said that “the secret to overcoming the crisis in a difficult environment was the truth of focusing on the essence.”

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According to Samsung, in the fourth quarter, sales decreased by 8.83% and operating profit by 60.37% QoQ, whereas sales decreased by 8.58% and operating profit by 69% YoY. Some of the major causes behind huge losses are hammered memory chip prices and curbed demand for electronic devices.

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Samsung Elec earnings guidance Q4, 2022

• Consolidated Sales: ~ 70 trillion Korean won
• Consolidated Operating Profit: ~ 4.3 trillion Korean won

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The world’s largest memory chip, smartphone and TV maker published its provisional performance estimation, which is based on the International Financial Reporting Standards (IFRS) adopted in Korea. The company shared this estimation for the convenience of investors.

In the smartphone business, Samsung is focussing on the Galaxy Z and Galaxy A series devices. It has been noticed that the sales of Galaxy devices increased but profit declined due to high sales of mid-range and budget devices. The company is going to reveal Galaxy S23 series next month, which will help it recover.

Due to the downturn in the global electronics market, Samsung recorded this radically low profit in the fourth quarter. Since the company’s foundry business is under threat, customers like Qualcomm are approaching alternatives for chipset printing such as TSMC.

Samsung quarterly earnings forecasts

Way back in July 2009, Samsung Electronics provided quarterly earnings forecasts for the first time in Korea. Later, the company applied IFRS in advance in 2010 to provide information based on global standards so that investors can more accurately predict earnings and judge corporate value.

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Usually, Lee visits Samsung Group sites under his New Year’s plan, but this time, he managed to gather all top rank officials for discussion. Chairman Lee had a dinner meeting with the presidents of Samsung Group subsidiaries including Samsung Electronics, Samsung C&T Corp., and Samsung Life Insurance.

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As per PulseNews sources, the meeting held by Lee Jae-yong included the topic of underscoring the urgency of coming up with emergency measures to cope with growing uncertainties in the global economy.

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Besides, they have discussed various measures in an emergency mode to cope with softening consumer demand worldwide amid high-interest rates and inflation.

Lee’s latest meeting with the top executives of all Samsung Group business units comes as Korea’s largest business group is also bracing for a bumpy year ahead with signs of a slump at home and abroad this year.

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In the company’s Service Technology Contest, service engineers who repair products compete with each other’s expertise. Since its implementation, the competition has greatly improved service technology capabilities and promoted excellent talent.

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The Korean company first hold the Service Technology Contest in 1986 and the 2022’s contest is the 27th. This year, Samsung started this contest on November 22 and finished on November 24.

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Out of 5,600 Service Engineers, around 700 appeared in the region-wise preliminary examinations, and 105 of them competed in the finals. Samsung Service Technology Contest includes 9 challenges including a repair technology competition and a presentation of service innovation cases.

Among them, the Repair Technology Competition is an item that evaluates whether a company has the expertise to quickly and accurately repair product failures in conditions similar to a real service environment.

The home appliances were evaluated with a focus on multi-technical expertise that can repair multiple products such as refrigerators, washing machines, and air conditioners. This is meant to reflect ‘customer trends that want to pair and use products with SmartThings and check out multiple products with a business travel service’.

‘Service Innovation Presentation’ is a segment that researches and presents tools or techniques that can repair products efficiently. The adopted idea is applied to the actual service site and used to provide high-quality service to customers by increasing repair efficiency and work stability.

Samsung awarded Gold, silver, and bronze medals to 30 outstanding sportspersons in each event. The eight people with the highest scores were additionally awarded the Minister of Employment and Labor Award (4 people) and the Korea Federation of International Skill Competition Award (4 people).

Minister of Labor Award Winners: Nam Ulsan Center Lee Gyeong-ryul, B2B Uijeongbu Center Jeong Hee-seong, B2B Gangbuk Center Kim Se-hun, B2B Seoul Branch Shin Jin -woo

International Skills Olympic Competition Korea Association President Award Winners: Jeonju Center Park Beom-ju, Dongsuwon Center Yoon Yeon-tae, Seoanyang Center Bae Young-geun, Kyungin Technology Group Lee Jung-ryeol

• For more information, visit Samsung Newsroom.

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The Korean company has earned 127 points to top the Best Brand Rankings this year. Samsung sees great success in the last few years. From the fourth position in the year 2020 to second in 2021 and first in 2022, the company is achieving big.

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The report further suggets that Samsung has ranked first in four countries including Korea, the Netherlands, Vietnam, and Ireland. Whereas in countries like the United Kingdom and France, it gained the second position, and in Germany, Australia, and Indonesia, grabbed the fifth place.

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On the other hand, the US company Google got 106 points to fall to the second position. This is a big 21 points difference between Samsung and Google. It shows how Samsung is loved all over the world.

Other than Samsung and Google, YouTube gains the third YouGov Global Best Brand Rankings in 2022. This company earned 85 points followed by Netflix with 59 points and Southeast Asian e-commerce company Shopee with 51 points.

Furthermore, WhatsApp gained the sixth position with 50 points, Toyota got 41 points and earned the seventh position, whereas, Colgate, Mercedes-Benz, and Lidl earned 34 points, 34 points, and 33 points to gain eighth, ninth, and tenth position respectively.

It’s also noteworthy that brands like Adidas and Nike, which were under the top ten club last year are out of the rankings, and automobile brands such as Toyota and Mercedes rose to the upper ranks.

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According to the newsroom post, Samsung Electronics’ Board of Directors approved the appointment of Jay Y. Lee as Executive Chairman. The board authorized the appointment of Jay Y. Lee, which was recommended by Independent Director and Board Chairman Han-Jo Kim.

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Seeing the current uncertain global business environment and the pressing need for stronger accountability and business stability, Samsung Electronics’ Board of Directors approved the recommendation to appoint Jay Y. Lee as Executive Chairman.

It is a symbolic move by Samsung Electronics confirming that the Korean tech giant will be officially run by the third generation of its founding family. It’s worth noting that Lee has been vice chairman of Samsung Electronics, since 2012.

| Source/Image – Reuters |

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Samsung SDI, Samsung Electro-Mechanics, Samsung Display, and other Samsung groups are producing the core components of the EVs altogether. These groups are manufacturing each and every part separately. Such as batteries, automotive driving chips, semiconductors, Camera modules, OLED displays, and core products for the power drive systems. Looking at all this we can say Samsung can start its automobile business anytime.

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Samsung is focusing more on the EV business because this is going to be the future of tomorrow. Samsung does not want to repeat its mistake as it did in the 1990s.

When Samsung will enter the EV business it will have no choice rather than competing with the corporate customers. Due to this Samsung will opt not to enter into the EV business. Some businesses and market analyst thinks that Samsung has created the task force to full fill the orders for the No.1 EV maker Tesla.

As Samsung and LG are already competing to develop different types of batteries and other manufacturers are also competing with them for different components. So, looking at the present competition Samsung might have jointly constituted the task force.

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There are various external difficulties, including high inflation, high exchange rate, a high-interest rate, and low growth. Samsung Electronics is going to hold the business strategy meeting for the DX division together with IT/Mobile and consumer electronics from June 21 to June 23, 2022, and with the DS division of semiconductors from June 27 to June 29, 2022.

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Samsung Electronics is going to take part in a business strategy meeting after a long interval of two years. Samsung Executives from all over the world are going to take part online and in person.

Samsung is going to check all the local and international business situations and the inflation that is creating difficulties in maintaining the supply chain. Samsung has an agenda to clear all the factors to all of its executives.

The points which are to be discussed are expected to touch on the overall management environment and market conditions. The rising transportation cost is a subject of major concern as the trucker are already on a strike for more than a week demanding a minimum pay guarantee.

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They are seeing that the strike could continue for a week-long that could put an impact on the chip production. The Cost of loss in the particular industrial sector could be more than $1.2 billion. The trucker union said today that they are going to continue the strike until their demands are fulfilled.

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Let me tell you truckers are on the strike for minimum pay guarantees. Trucker considered blocking the shipment of coal to the power plant. They assured the South Korean that they will block the petrochemical complexes by blocking the in and out the shipment.

A week-long strike could be a major challenge for the new president Yoon Suk-Yeol. This ongoing strike could be an eroding risk for his political carrier. The union is also protesting against the soaring fuel price along with the minimum pay of guarantees. According to Reuters some 7050 people or about 32% of the union members are on the strike.

Many companies such as steel maker POSCO have shut down some of their plants. Hyundai has started cutting its production. Samsung is also anyhow managing to diversify the supply routes and chain and manage a risk to avoid a complete shutdown.

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This rank is prepared by the PricewaterhouseCoopers (PWC) which has recently released a list of the world’s top 100 companies in market capitalization. It has sourced all its report data from the research and analysis firm, Bloomberg.

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The most amazing thing is that Samsung Electronics is the one and only Korean company to be included in the list of fortune 100. Its market cap stood at $342 Billion, which is down by 21 percent from 2021 to $431 Billion.

Earlier Samsung Electronics was the top 10 major companies that have suffered a heavy drop in the one year. Looking at the global scenario Samsung is very much concerned about the global inflation in raw materials and the product pricing.

Let me tell you Apple has taken the top spot in the market capitalization with $2.85 trillion. Which is followed by Microsoft in the second place, and Saudi Aramco in the third place.

The other companies like Alphabet came in fourth place. This time Amazon was spotted in the fifth position, and Tesla, Berkshire Hathway, and Nvidia have to satisfy with 6th, 7th, and 8th positions respectively.

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