SEOUL -- Due to the sluggish global semiconductor market, Samsung Electronics faced a significant revenue decline in 2023. Data released by market research firm Gartner showed that the technology giant's global semiconductor revenue was $39.9 billion in 2023, down 37.5 percent from a year ago.
The global market research firm reported on January 16 that worldwide semiconductor revenue dropped 11.1 percent year-on-year to $533 billion last year. Samsung secured the second position in global revenue after the U.S. tech giant Intel, which recorded $48.7 billion. The U.S. company's semiconductor income decreased by 16.7 percent from 2022.
Qualcomm claimed the third position with $29 billion, followed by Broadcom with $25.6 billion, and Nvidia with $24 billion. South Korea's SK hynix ranked sixth with $22.8 billion. Taiwan's TSMC, recognized as the leading semiconductor consignment manufacturer, was not included in the market report.
"While the cyclicality in the semiconductor industry was present again in 2023, the market suffered a difficult year with memory revenue recording one of its worst declines in history," said Garner's vice president analyst Alan Priestley. "The underperforming market also negatively impacted several semiconductor vendors. Only 9 of the top 25 semiconductor vendors posted revenue growth in 2023, with 10 experiencing double-digit declines."
Meanwhile, the South Korean government unveiled its plan to inject about 622 trillion won ($472 billion) in building the mega-sized semiconductor cluster throughout southern Gyeonggi Province near Seoul. According to South Korean President Yoon Suk-yeol, the project is expected create at least three million jobs. By 2047, Samsung will invest 500 trillion won, and SK hynix will invest the remaining 122 trillion won.
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