Samsung’s Q3 operating profit jumps 32% to 12.2 trillion won, boosted by record memory chip sales and strong AI market demand
SEOUL: Samsung Electronics announced a 32% year-on-year increase in its third-quarter operating profit, reaching 12.2 trillion won.
This significant growth was primarily driven by record sales in its memory chip business, fuelled by strong artificial intelligence market demand.
The company’s Device Solutions Division reported a 19% quarter-on-quarter sales increase, with its Memory Business achieving an all-time high for quarterly sales.
Samsung’s smartphone division also performed well, logging an 11% rise in quarterly revenue due to successful new foldable phone launches and solid flagship sales.
The ongoing AI boom has increased prices and shipments for both conventional NAND and DRAM memory products.
Demand for high-bandwidth memory chips, which are essential components in AI servers, has also soared.
Samsung stated that the rapid growth of the AI industry is expected to create new market opportunities for both its chip and smartphone divisions in the fourth quarter.
AI-driven market conditions have provided a major boost to leading memory chip makers like Samsung and its South Korean competitor SK hynix.
These companies’ products have become indispensable for building the necessary infrastructure to support artificial intelligence technologies. – AFP
