Samsung's profits are expected to plummet by 84.5% year-on-year in fiscal year 2023. The South Korean giant lost 2.3% of the smartphone market share to Apple.

Intel relegated it to second position as the main supplier of semiconductors on a global scale. Samsung is the world's largest manufacturer of memory chips used in electronic devices to store temporary data and allow quick access to information by the processor. The company has represented a significant percentage of the Asian country's GDP since the 1980s.