Samsung does not expect us to buy a new smartphone this year | Tech

Samsung thinks we’re less likely to buy a new smartphone this year. The South Korean technology company sees that high global inflation and lower economic growth are causing consumers to wait before purchasing a new phone.

Samsung warns for another difficult year. At the end of last year, the company was also struggling with weak demand for memory chips, smartphones and displays, as consumers spent less on electronics due to high inflation.

The technology company’s profit for the whole of 2022 fell by 69 percent to 3.2 billion euros, the largest drop in more than a decade. Samsung came on Tuesday with the final confirmation of those poor figures.

“Given the ongoing geopolitical issues, inflation and economic slowdown, we expect the smartphone market to contract in 2023,” said Vice President Daniel Araujo when presenting the figures.

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