Most companies are posting their Q3 earnings report, and Samsung is likely quite proud of this one, as it’s the company’s highest one yet for this quarter. Samsung recorded KRW 73.9 trillion ($63 billion) in revenue and KWR 15.8 trillion ($13.4 billion) in operating profits. The revenue went up 10% on a yearly basis and even the profit increased up to 26% when compared to last year.
The semiconductor business saw a huge rise in sales, which helped Samsung record very high profits. There was a lot of demand for servers at data centers and cloud servers, which further helped the company make more sales and increase its profits and overall revenue stream. The total sales for the semiconductor division brought KRW 26.4 trillion ($22.5 billion), which is a massive 16% improvement compared to Q3 2020.
That’s not the only sector that recorded high profits and revenues, as the memory and display divisions also saw a massive increase in demand and profits. The mobile department also recorded healthy profits, mainly thanks to strong demand for the much improved Samsung Galaxy Z Fold 3 and Galaxy Z Flip 3 foldable devices. The entry-level and mid-range devices were also very popular, which further helped Samsung increase its market share and earn more. According to the report, the tablets and wearables categories saw a decline by 8% to KRW 27.34 trillion ($23.33 billion).
“The Consumer Electronics Division will focus on growing sales of premium products during the year-end holiday season.”
The report also mentions that moving forward, Samsung will focus on smartphone sales during the holiday season, and improve sales for the TVs which are in high demand. We are likely going to see a lot of deals and bundles coming up as we inch closer to the holidays, so it’s a good time to wait for Black Friday and other deals to come up in the next few weeks.