Samsung Electronics reported preliminary third-quarter results showing a sharp rise in profit, with operating profit up 783% from a year earlier and 20.01% from the previous quarter, slightly ahead of analyst expectations. The company said stronger profitability in its memory business was driven by a surge in demand tied to artificial intelligence chips.
A regulatory filing showed the world’s largest memory chip maker expects operating profit for the July-to-September period to reach 107.4 trillion won, or about $80.17 billion, compared with a market forecast of 106.1 trillion won. The release also said this marked Samsung’s fourth straight quarter of record operating profit.
Third-quarter revenue came in at 195 trillion won, up 127% year over year, but below the market expectation of 199 trillion won. Samsung is scheduled to release its full earnings report later this month. The figures were cited by TechFlowPost, referencing Jin10.
Samsung Electronics released preliminary third-quarter results on Thursday, saying operating profit surged 783% from a year earlier and rose 20.01% from the previous quarter, slightly above analyst expectations.
The gain was mainly driven by a sharp increase in demand for artificial intelligence chips, which boosted profitability in the company’s memory business. In a regulatory filing, the world’s largest memory chip maker said it expects operating profit for the July-to-September quarter to reach 107.4 trillion won, or about $80.17 billion. The market forecast stood at 106.1 trillion won.
Revenue missed market expectations
Samsung said third-quarter revenue reached 195 trillion won, up 127% from a year earlier, but below the market expectation of 199 trillion won.
According to the disclosure, the quarter marked Samsung’s fourth consecutive quarter of record operating profit. The company said it will publish its full earnings report later this month.
The report was published by TechFlowPost and cited Jin10.
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