Samsung Q3 earnings report confirms record-breaking profits

As expected Samsung’s Q3 earnings report brought record-breaking profits with KRW 73.9 trillion ($63 billion) in revenue and KRW 15.8 trillion ($13.4 billion) in operating profits – the highest in the past three years and second highest in Samsung history. Revenues rose 10% on a yearly basis while profits increased by 26% compared to Q3 2020.

As expected, Samsung’s semiconductor business propelled profits with extended demand for data centers and cloud servers. Total sales in the semiconductor department totaled KRW 26.4 trillion ($22.5 billion) which is a 16% improvement compared to last year.

Samsung's semiconductor business is the main driver of profits

The memory and display panel businesses also saw major increases in demand and profits. The mobile communications business which includes smartphone sales saw strong demand for foldables, entry-level and mid-range phones, tablets and wearables though sales declines by 8% to KRW 27.34 trillion ($23.33 billion).

Looking ahead, Samsung expects smartphone sales to go up during the holiday season accompanied by higher demand for TVs. There’s also a good outlook for the company’s 5G network infrastructure equipment.

Source