Samsung’s Q3 Profits Skyrocket by 32% Due to Memory Chip Demand
Samsung Electronics announced impressive third-quarter results on Thursday. The operating profit soared by 32.5% to 12.2 trillion won ($8.57 billion), significantly surpassing analyst expectations of 11.25 trillion won.
The South Korean tech behemoth’s memory chip division achieved record-high quarterly revenue. This success was fueled by a skyrocketing demand for high-bandwidth memory (HBM) chips, which are predominantly used in AI servers.
Samsung’s HBM3E sales saw a nearly 80% increase from the previous quarter. The company is now the supplier for all major AI chip manufacturers.
The company’s mobile division also showcased robust performance, thanks to the successful launch of the Galaxy Z Fold7. This contributed to an overall revenue of 86.1 trillion won.
Following these positive results, Samsung shares leaped 4% in early Asian trading. This led to a new 52-week high of 105,800 won during intraday trading.