Samsung head of consumer products: the downturn in the technology industry is expected to run through 2023

CTOnews.com January 5 news, according to the Wall Street Journal reported that Samsung Electronics consumer products head predicted that this year due to high inflation, rising interest rates and a strong dollar on sales pressure, demand for technology products will continue to be sluggish.

Han Jong-hee, vice chairman and co-CEO of Samsung Electronics, expressed hope that the current industry downturn, which has led to a break in Samsung Electronics 'momentum of record profits, will begin to improve in the second half of this year.

Despite the challenges posed by sluggish demand, Han Jong-hee said Samsung Electronics plans to overcome current market challenges by strengthening the integration of connected devices and related software, in which Samsung has lagged behind competitors such as Apple.

CTOnews.com learned that Samsung had expected annual operating profit from semiconductor sales to reach 13.1 trillion won (about 70.871 billion yuan) in 2023. If Samsung's forecast materializes, operating profit for its Device Solutions division next year will be about half of its annual operating profit for 2022.