Samsung Q3 Profits Soar 59% on Strong Demand for Smartphones, Memory Chips

Oct. 29, 2020

At its earnings call today,Samsung Electronicsannounced a 59% increase in operating profit for the quarter ended September 30th. According to astatementreleased by the company, profit for the last quarter came in at 12.35 trillion won (~$10.89 billion), while net income jumped 52% to hit 9.27 trillion won (~$8.2 billion) driven by strong growth in its mobile and semiconductor businesses. Even though the results were slightly better than expected, the company’s shares still fell 2.2% in line with the overall decline in the Kospi on Thursday.

Alongside its smartphone and memory businesses, other products, like display panels, also saw high demand during the last quarter, adding to the company’s bottomline. However, a decline in demand for smartphones and deceasing prices of memory chips are expected to weigh heavily on the company’s earnings during the current quarter.

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