Samsung Electronics reports slightly better than expected Q3 earnings, with strong memory chip demand

From CNBC: 2024-10-30 21:20:00

Samsung Electronics reported third-quarter sales and operating profit slightly above expectations, with the semiconductor unit’s operating profit at 3.86 trillion won, down 40% from the previous quarter. Demand for memory chips was strong, but inventory adjustments negatively impacted mobile demand. Samsung remains a top player in memory chips and smartphones globally.

While AI drove demand for advanced nodes, mobile and PC demand underperformed, delaying a rebound. Samsung expects interest in advanced products to grow, driven by AI investments. Third-quarter revenue and operating profit were slightly higher than earlier guidance, but lower than market estimates. Vice Chairman Jun Young-hyun issued a rare apology for the results.

Samsung anticipates continued growth fueled by demand for advanced chipsets and strong server investments next year. Shares of Samsung Electronics in the South Korean stock exchange have dropped by 24.71% this year. Stay tuned for updates on this breaking news.



Read more at CNBC:: Samsung Electronics Q3 2024 earnings