Samsung sees 95% drop in profits for a second consecutive quarter::Today, Samsung posted its Q2 2023 financial results. The report says Samsung’s profits have dropped considerably compared to last year.
Yeah, this is the chaebol system at work. The Faustian deal between these megacorps and the citizens of South Korea means that it is impossible for Samsung to fail or to be accountable for their bad business decisions. South Korea is the most developed cyberpunk technofeudalistic society.
without any kids. They’re in for huuuge trouble.
They went from one million births in 1960 to just 250k last year.
The birth rate is below 1.
with a birth rate of 1, four grandarents make a single grandchild.
Once we go below 1, most people will never even be grandparents.
The boomers will enter retirement age soon, I’m not really sure how that will work.
They definetely won’t be able to do anything against North Korea. They will either be bedridden or care for someone bedridden.
I think boomers are all retired, it’s gen X and Millennials that don’t breed
Youngest boomers are 59, so still not all retired.
Likely not having that many kids though.
Ok. I guess I live in a wealthier place, they all retired here on generous pensions at age 54 and a half
Could be. My dad retired at that age in the 90s. But he was Silent gen, not a boomer.
Drops in profits can mean investments, new hires and a myriad of other stuff. No meaning in the headline whatsoever. Profits are not revenue.
Young people in Korea have switched over to iphones. iphone have like 60% marketshare now for that demographic
Imagine actually using an iPhone
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Firstly, it’s a joke, secondly, it’s more about OS and user experience and not brand loyalty. The fact that you don’t know that is a tell tale sign
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I have for about a decade. I use my phone as my backup map when I am flying. It has to work, every time, without fail. I’ve never owned an android that could hold a candle to an iPhone for software stability.
Sorry. I’m just trying not to get evicted due to living in a country with the highest rent, internet, food, and data plan prices.
Seeing that you’re from Canada, why is this so? Why is living in Canada so expensive relative to elsewhere?
Government. Not liberals or conservatives, but the government as a whole. Canada has had many years where both liberal and conservatives were in charge, and nothing changed.
Canada doesn’t allow competition. We have 3 main internet providers, 3 main phone plan providers, like 2 grocery store chains, a couple airlines, etc.
When other companies attempt to come in to break up monopolies, they lobby, and get them shut down.
I mean where are we going to go? America isn’t really an alternative, as much as Americans think it is. Our healthcare, gun laws, etc are things that make Canada really good. We could move to some European or Scandinavian country, but that’s not as easy as it sounds, especially when you need to learn a new language, get accepted, move your entire life, and live in such a different culture.
So people in Canada just accept it. Maybe one day monopolies will be broken up, but there are no parties that are going to do that now. Left or right leaning.
Not just any government, but a government captured by capitalism
Isn’t refusing to break up monopolies against the idea of capitalism and competition?
Capitalism and free markets are separate things within the economic “sphere” of society. Capitalism is an economic doctrine that focuses on directing production through private capital; free markets (in theory) ensure “equal access” to markets for products (as compared to monopoly or (economic, not necessarily drug) cartel markets which restrict access).
Over in the “public sphere”, governments decide whether to jump in bed with private capital (often resulting in monopolies or cartels in economic marketplacs), or to make & enforce regulations that protect the (so-called) free market.
Or to make and enforce regulations that protect consumers – i.e. human f-ing beings – and enrich local economies without protectionism and “zero sum games”, but I guess we shouldn’t get too carried away here ;)
Thanks for the clarification!
each new phone is more expensive, with less functionality.
hover on the touch screen? gone
iris scanner, gone
headphone jack? gone
air pressure sensor? gone
humidity sensor? gone
ir blaster, gone
meanwhile I get charged out the ass for storage space.
Why the fuck would I want a newer phone?
Don’t forget the SD card slot missing, S20 was the last one that had it. I still don’t know what to get after that, just because of the missing SD.
Internal storage on phones is over 200gb by now. I havent needed an SD for years. What the fuck do you store on your phone that could still need an SD? lmao
I have a young son and it was getting very irritating having to be selective recording my videos of him. I finally just paid $90 and added a 1TB premium sd card, and now I won’t have to worry about it at all & download all the videos I want for us.
Upgrading the internal storage to 1TB on a new phone costs several hundred dollars.
4k video files will fill your phone up mighty quick. especially if you use it for youtube videos or similar. or film your family/pets a lot
I am 12 and this is deep, what a moronic take
Record 1 minute video, how big is that file? 200 MB, 0.2 GB. 5 minutes and 1 GB is full. When something interesting happens, 5 minutes are recorded easy, obviously. 200 GB, nothing for apps, maps, downloads,… are enough to record 15 hours of video. Then that is it. How many moments can I capture with that? Enough for maybe 2 years? I don’t throw my memories away when I get a new phone. Instead, I just buy a new SD every few years and compress the video files every once in a while.
They want to keep competing with and copying Apple/iphones, yet they keep forgetting about what makes Android phones so appealing to the people who select these phones over iphones.
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Also removable batteries gone
That’s supposed to be coming back by EU law in the next few years. So we have that at least.
Mine is actually very easily removable. The device overheats so much, that it’s completely annihilated the glue, and now the back panel is only held down by the case c:
Be honest. You tried microwaving it, didn’t you?
Honestly, I may as well have
A very nice man on the internet told me it would charge it
Lol everyone commenting it’s because THEY don’t want to buy a new phone. Samsung supplies screens, electronic internals for other companies, and a fuck ton of appliances. They don’t only make phones…
I was just in a vacation rental looking at a Samsung mini-split AC and wondering if it was good or not haha.
Their washing machines and dryers aren’t great compared to LG, so I would be suspicious of their ACs.
Samsung and LG are both garbage when it comes to washers, dryers and the worst for refrigerators.
What do you mean? Consumer Reports ranks LG dryers as the best, so much that you the next best dryer that isn’t an LG is a Samsung in 21st place.
Of CR recommended dryers, 11/11 electric dryers are LG and 20/25 gas dryers are LG.
https://www.consumerreports.org/products/clothes-dryers-28982/electric-dryer-30562/view2/ (requires a subscription)
Where do you get your data from?
Consumer Reports isn’t a valid source. They have paid reports.
Speed Queen is the top brand in washers and dryers.
LG dryers do not last past their warranty for very long. Anyone who’s owned an LG can tell you that as with appliance repair companies.
LG and Samsung are very poor.
Consumer Reports isn’t a valid source. They have paid reports
Do you have a source for that? That would be a pretty big deal considering they’re a non-profit that claims to accept no samples and no advertising.
PeTA claims is doesn’t fund terrorism. Yet they do. They were blacklisted from Walmart donations when I worked there for that sole reason.
The chairman of Samsung is a convicted criminal, by the way. Pardoned by the totally not corrupt president. Apparently he’s such a genius that laws don’t apply to him.
Not surprising. I’d expect something similar to happen to anyone at the top of any of the chaebols.
I know personally that I would never buy a Samsung phone again. The budget models are filled with ad/crapware. The premium models are expensive, gimmick laden and bad value.
The expensive models also have ad/crapware, don’t forget about that fun feature
Genuine question: what do you recommend instead? Not really excited to support Google via pixel either and didn’t love my last iPhone. Is there a good choice anywhere?
Oneplus has gone to shit as far as software is concerned, but the hardware is still good, so if you’re OK running a custom ROM, they’re good.
I last used the Xperia lineup ages ago, but it was a pretty decent experience, close enough to stock Android and the additions they did add were actually improvements. No idea if that’s still the case, but you could look up some reviews.
Ditto for Motorola, which was nearly stock Android back in 2014.
Murena sells refurb and new phones with /e/os preinstalled if you want to go google-free.
I do miss the early days of Android, when you had players like HTC creating completely unique Android experiences (I mean so did Samsung, but their uniqueness was how slow Touchwiz was).
Edit: Also completely forgot the fact that Nokia makes some good phones, including pretty affordable ones and some higher end ones. But personally the one person I knew with one had issues with the USB-C port and had to have theirs repaired by the warranty and then refunded on the second or third round. But that was a much older model, maybe 5 years now, they likely have fixed the issues on their newer ones.
I’ve been happy with my pixel. As much as it might be not ideal if you don’t want to support Google, ironically it’s like the only phone you can de-google and still have a locked bootloader and full features
Doesn’t that invalidate safety net?
Doesn’t that invalidate safety net?
Sorry I’m not 100% sure what your asking. If you’re asking about custom roms, I’d trust many custom roms (Graphene is my favorite) better than a lot of manufacturers’s roms. And a bootloader that can be re-locked is a big boost to security, since it requires that the OS be signed by the devs instead of making it easier for malicious code to be shimmed in and run at the OS level even if I install a custom operating system.
SafetyNet is the name of Google’s tamper protection thingy. Basically, if it’s not a trusted chain, safety net won’t pass.
This doesn’t impact phone functionality, but some apps check for this and refuse to work if it’s not passing. Google Pay is one of the more well-known examples. Some other banking apps will also check for it. Oddly enough, Pokemon Go also used to (not sure if it still does).
Ah, sorry, yeah potentially. I’ve heard that banking apps won’t work most of the time (but usually just use the web any way so can’t confirm). Though oddly if you wanted to use Google Play on Grapheme it works perfectly fine, so maybe not.
Whatever is most popular under $200. Unless you game or use your phone to take photos a lot, it will do just fine, there’s not much to be added to justify any additional costs. Ironically, most phones in that category would be Samsungs.
I don’t even want to buy a new phone. It’s been more than four years. What great productive work are most people doing on them anyway?
Im scrolling Reddit and Lemmy productively
I’ve said it before and I’ll say it again.
This is a sign of an upcoming recession if we aren’t already in one. People are starting to run out of their savings due to stagflation and are looking for areas to cut. Buying a new phone every year or every other year and replacing laptops every 5 years are among the first things to go in anyone’s budget.
So currently the only people refreshing their devices are the people who NEED new devices.
Capitalist economies always need spends out of desire and not just necessity.
Worst part is instead of reversing the gouging these companies will probably just go ham on the planned obsolescence.
Or simply that prices have become insane. Good phones used to be around 400, taking me a few days to think about it and say yes. Now they are beyond 1000, so I will do my best to avoid having to upgrade and go with custom ROMs again. In the meanwhile, we also lost exchangeable batteries, external SD cards, and microphone jack, and we gained more Google spyware and bloat.
Good phones are still $400. They just have this ridiculous tier now that is even higher
The gouging is insane. £300+ for a tablet keyboard case for the s9 ultra.
I got one free as a preorder for the s8 ultra. No chance I am paying that much for a keyboard.
Samsung isn’t on planet earth with their prices. I was avoiding them anyway because I believe TouchWiz is an inferior interface than stock Android. Just way too much bloat.
Bloat is negligible. In fact it is their software that keeps me stuck with samsung. Its a total superior hardware and software experience.
Just wished they hadn’t gone down the Apple courage route and bumped the price and pimped the features.
You’re the only one I’ve heard of who was happy with it. One of the guys I worked with, traded a new at the time Galaxy S-series phone back into his carrier to exchange for an iPhone because it was very laggy. After seeing one in action I didn’t blame him. It was laggier than my cheap Moto G series, which had a lot less processing power and slower storage. And this was back in 2017, so not too awfully long ago. But maybe things have changed since then.
2017 was a long time ago.
Like with everything you need to invest time to learn the features. If you just want a phone with basic capabilities then you are better off getting other brands.
The spen itself is packed with so many features but rarely does anyone bother learning them. Samsung have developed a powerhouse for productivity and unfortunately that means I’m stuck with them because nothing else compares.
Everyone is on their own journey and I agree that it is not for everyone.
Part of my job still is to help people connect their work email to their personal smartphones, if they want to. Many buy Samsungs because their carrier’s store still sells them up front compared to other brands of Android. Though it’s mostly A-series phones.
The problem with it is that Samsung doesn’t put the access to the features in convenient or intuitive locations so many users just get used to not using them anyway. The only feature, I as a Pixel user envy over Samsung is the right side menu thing. But anyone with iPhone experience or experience using an Android that has gesture nav enabled by default, wouldn’t think to try it even with the spen because that is the gesture to go back.
Ofc Pixels can do multitask yet many don’t realize that because you have to click the app icons at the top of the recent apps screen to access the menu for it. So I guess I don’t have room to talk about that aspect as a Pixel user.
But Bixby? I honestly think it’s a waste of resources for Samsung when they could have just used Google Assistant like other brands. I mean Bixby is okay but still lacks in some areas, but Samsung invested a lot of resources and effort into it just to come up with something that barely keeps up with Google’s Assistant.
Also I’m not a huge fan of their app drawer still. I guess I’m more of a “I just want to see an alphabetical list of all apps” on the app drawer type of person.
They still made around $1/2 BILLION.
I love how every headline about their earnings focuses on the drop from before and not on the actual number they made.
Boo-fucken-hoo the record profits they were making the last few years couldn’t be sustained forever. Oh noes!1!!!
Dude a 95% drop in profits YOY is most assuredly newsworthy
No. Not at all.
If a company made one penny last quarter, and 10,000,000 this quarter, then their profit is up 10 billion percent. It’s a stupid headline.
If a company did that it would be extremely newsworthy, as a 1,000,000,000,000x profit increase.
I don’t see your point.
If the same company made 10,000,000 last quarter and then made 500,000 this quarter that would also be newsworthy… as you know, a 95% drop in profits.
“Company so and so did an INFINITE PROFIT INCREASE!”
Stupid.
My point is that it’s stupid to use percentages when reporting profits unless you’re writing for clicks. That’s not how professional do it when looking at earnings reports. Ever. And for good reason. Again, Samsung stock is not tanking, because investors are smarter than internet kids who are bad with numbers.
Revenues are looked at as percentages. Profits are looked at as raw numbers. Typically.
Relevant username btw hahaha
😳I really didn’t mean to upset you so much wee man… don’t get too emotional. Just having a conversation here aren’t we?
Percentage is entirely legitimate to look at, it’s merely a way of quantifying what the raw numbers mean versus the raw numbers from last years performance.
No one said Samsung stock is tanking, you’re kind of shouting that into an empty room.
I was acknowledging that a 95% drop in profits vs the same period over the previous year is definitely a newsworthy item especially in two consecutive quarters… I think any shareholder of Samsung would agree.
Company makes 1 dollar q1 2022. Company makes $.05. Q2 of 2023.
Headline: “company loses 95% of its profits.”
It’s the opposite of meaningful.
It is meaningful if you measure Q1 2020 vs Q1 2021. You’ve got a bit confused as to what YOY is, you’re not just measuring two random quarters from different years (q1 2022 vs q2 2023?), you’re comparing against the performance in the same quarter the previous year.
It is a very meaningful way of judging whether a companies performance (ability to turn a profit and create value for the investor) has improved against the same period the previous year.
https://www.investopedia.com/terms/y/year-over-year.asp
There is a little bit of very basic information for you. I can try find something more colourful and with nice pictures if you need.
