Samsung’s third-quarter revenue increased 10% while profits grew at 26%

Samsung’s third quarter revenue increased 10 percent while profits grew at 26 percent
Samsung’s third quarter revenue increased 10 percent while profits grew at 26 percent

Last year, Samsung posted a record high revenue in the third quarter despite the outbreak of a pandemic. This time, the company revealed that it has touched a new height this time for the same period in 2021. It has reached a $63 billion revenue this time. The revenue is up by around 10 percent, while profits grew by 26 percent. All these happened despite the pandemic and despite the global chip and processor shortage. It is clearly getting reflected in the corporate results that the shift towards hybrid work culture have forced companies in buying more SSDs, CPUs, and RAM for servers

Samsung is the world’s largest chipmaker and it charges a high price for its memory chips so it was able to earn higher men profits even at a time when the cost of raw materials and logistics increased to cut profit share. Its memory division sales were up by 46% compared to the same period last year, while profits in the semiconductor division nearly doubled (pdf). Samsung is one of the world’s notable phone makers and the company said it saw strong demand for foldable like its Galaxy Z Flip 3 and Galaxy Z Fold 3 and for the low to mid range Galaxy smartphones.

Apple, on the other hand, reported production issues and therefore slashed manufacturing targets for Apple’s iPhone 13 lineup. During this time, Samsung’s earnings rose “driven by demand for newly launched products from major smartphone customers.”

In line with this quarter, Samsung expects a solid earnings for its mobile displays in the fourth quarter. The company said the demand for OLED in larger devices like laptops, tablets, and especially game consoles like Nintendo’s new Switch OLED has also increased in the meanwhile. Samsung said it is on track to start producing new quantum dot-based TV sets. Samsung expects these TV sets to capture a good percentage of market share from LG’s OLED TVs.

Mary Woods
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