Samsung holds global strategy meetings to minimize losses

The South Korean tech giant, Samsung Electronics, is holding company-wide global strategy meetings on Tuesday. The meeting aims to discuss pending issues, future business plans, and strategies to tackle the uncertain macroeconomic environment. Such biannual meetings are held in June and December every year.

In these meetings, Samsung’s senior executives across the globe come together and discuss strategies, not only to line up the future aspects of all divisions but also business plans that would help them turn around the current economic woes. According to Yonhap News Agency’s report, the company’s DX (Device Experience) division, which oversees the business of mobile phones and home appliances, will be holding the meetings until Thursday.

Samsung will try to mitigate the losses as the future macroeconomic environment seems too gloomy

On the other hand, the DS (Device Solutions) division, which overlooks the company’s mainstay chip business, will only hold meetings until Tuesday. Samsung senior executives and other responsible people will discuss the path to divert the challenges of the sluggish global economy that has broken the back of all companies, including Samsung.

Samsung’s semiconductor division forecasted to log operating losses in the April-June 2023 period, despite signs that the semiconductor market had bottomed out before the AI chip boom. Notably, Samsung, the world’s largest memory chip maker, posted a loss of KRW 4.58 trillion (roughly $3.56 billion) in Q1 2023. This was the first financial loss for Samsung in 14 years, as chip inventories grew significantly amid tapering global demand.

Also, the slow mobile phone and home appliances market can be a concern for the company, as Samsung is all set to introduce a bunch of devices, including the Galaxy Z Fold 5 and the Galaxy Z Flip 5, at the Galaxy Unpacked 2023 event scheduled to take place in Seoul next month.