your current location is：Home > Finance > NewsletterHomeNewsletter

　　Samsung Electronics, the world's largest memory chip maker, reported third-quarter earnings on Thursday.

　　According to the financial report, the company’s third-quarter sales were 76.78 trillion won (about 54.14 billion U.S. dollars), a year-on-year increase of 3.8%; net profit was 9.39 trillion won (about 6.622 billion U.S. dollars), a year-on-year decrease of 23.6%; operating profit was 10.85 trillion. Korean won (about 7.651 billion US dollars), down 31.39% year-on-year.

　　Samsung Electronics said the global economic downturn has slashed demand for electronic equipment, and its cash cow business is facing an oversupply of memory chips. In the third quarter, the operating profit of the semiconductor business, which is dominated by memory chips, fell 49% year-on-year to 5.12 trillion won; revenue fell 12.8% year-on-year to 23.02 trillion won, lower than brokerage expectations. The company also said that geopolitical uncertainty could continue to dampen demand until early 2023.

　　In addition, the company's mobile and network business operating profit in the third quarter was 3.24 trillion won, down 3.6% year-on-year; TV and digital products business operating profit fell 67% year-on-year to 250 billion won.

　　The strength of the U.S. dollar adversely affected the performance of mobile and home appliances, but the benefits to the parts business outweighed the losses incurred by the former, resulting in an increase of about KRW 1 trillion in operating profit.

　　On the day Samsung released its results, Lee Jae-yong, who had served as vice chairman for 10 years, also announced today that he had officially assumed the position of chairman of Samsung Electronics. He is the actual person in charge of the current Samsung Group. According to Yonhap News Agency, Samsung Electronics held a council meeting on October 27 and voted to approve Lee Jae-yong’s proposal to take over as chairman. The Council believes that in the context of the deterioration of the external environment, enterprises urgently need to strengthen social responsibility, improve operational stability, and make decisions quickly and decisively, so the above decision is made.

　　It has been 10 years since Lee Jae-yong became the vice chairman of Samsung Electronics in 2012, 2 years since the death of his father, the late chairman Lee Kun-hee, and 31 years since he first joined Samsung Electronics in 1991.

　　Lee Jae-yong is 54 years old. He graduated from the Department of Oriental History of Seoul National University, and obtained a master's degree in business administration from the Graduate School of Keio University in Japan, and then went to Harvard Business School to study for a doctorate in business administration. In 2001, Lee Jae-yong served as the executive assistant of Samsung Electronics' business planning room, and officially began to receive business training, and took office in 2003. In 2004, Lee Jae-yong became the registered director of the joint venture between Samsung Electronics and Sony, and officially participated in business activities. In May 2014, after his father Li Jianxi fell ill due to acute myocardial infarction, Li Zaiyong began to take the helm of the company.

　　Yonhap News Agency reported that Lee Jae-yong said on the 27th that his impression after recent inspections of major factories and global markets is that the situation is urgent. The reality before us is grim and the market is cold. Crisis always exists, and how to deal with it is the key. Crisis may also be an opportunity.