Samsung says third quarter operating profits soar to US$6.6 billion, but misses forecast
Although operating profit nearly tripled compared to a year ago, it was down 12 per cent compared to the previous quarter
South Korea’s Samsung Electronics said Thursday that its operating profits soared 277 per cent year on year to US$6.6 billion, but missed expectations as it struggled to leverage demand for chips used in artificial intelligence servers.
The world’s largest memory chipmaker posted an operating profit of 9.18 trillion won (US$6.6 billion) “largely due to one-off costs”.
It also warned in a statement that “the strength of the Korean won against the US dollar resulted in a negative impact on companywide operating profit”.
Although operating profit nearly tripled compared to a year ago, it fell short of market expectations and was down 12 per cent compared to the previous quarter.
Revenue rose 17.35 per cent to 79.1 trillion won (US$57.2 billion), its highest quarterly record, Samsung said.
The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy.
