Samsung’s leadership changes as profit falls in 2022’s third quarter
Amidst a tumbling economy worldwide, tech companies are feeling the fallout. Google already reported a weak third 2022 quarter contradicted only by surprisingly goodGoogle Pixel 6asales numbers, and now, Samsunghas published its results. Compared to the third 2021 quarter, the company’s profit declined by 23%, but it still made about $54 billion US dollars in profit (KRW 76.78 trillion). At the same time, Samsungalso officially appointedJay Y. Lee as its new Executive Chairman, the grandson of Samsung founder Lee Byung-chul.
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The note regarding successful wearables is also interesting. The company only last year completely rebooted its smartwatch business in collaboration with Google, shifting its efforts away from its homegrown Tizen OS over to Wear OS 3. Given that Samsung basicallydominates the entire Wear OS market, this shouldn’t be a surprise, though. The company wants to keep up this momentum and build out its mobile ecosystem with more wearables and tablets in 2023.
Meanwhile, other parts of the big conglomerate were more affected by the economic downturn. Samsung cites low demand and increased costs for its display division, something that also affected the business’s memory division. It certainly helped the company that the US Dollar grew strong compared to the Korean Won, which gave it additional profits.
The company hopes for a newfound strength in 2023, with Samsung having a positive outlook on the second half of the year. The business is particularly looking at demand for data centers and new CPUs.
New Executive Chairman Jay Y. Lee (or Lee Jae-yong, which is his Korean name) has been involved as a leading figure at Samsung for a long time now, but the company is only now making him the official head of the company. He replaces his father Lee Kun-hee, who died after a long illness in 2020 following a hospitalization in 2014. Like other Samsung leaders before him, Jay Y. Lee was previously convicted of multiple charges, including corruption and bribery, culminating in a brief time in prison. A presidential pardon in August 2022 then made it possible for Jay Y. Lee to return to Samsung in full capacity, with him now receiving his official title.
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