Samsung Electronics witnessed 12% increase with KRW 67.40 trillion revenue in third quarter 2023
Samsung Electronic has released the financial results of the company for the third quarter ended September 30, 2023. Samsung has witnessed a 12% increase in revenue in comparison to the previous quarter with consolidated revenue reaching up to KRW 67.40 trillion. The growth was attributed to higher sales of premium display products. The company’s operating profit surged to KRW 2.43 trillion driven by strong sales of flagship mobile models and displays.
On one side the Memory business of the company witnessed reduced losses because of increased sales of high value-added products and average selling prices, other side earnings in system semiconductors had to suffer. The company expects the memory market to recover due to increasing demand for AI and normalizing inventory levels at customers. Though the company is also aware of the geopolitical issues, IT spending trends need not be monitored.
The report mentioned that the mobile panel business has seen a significant increase in earnings while the large panel business narrowed losses in the quarter. The company expects to maintain a strong performance in the mobile panel business while its large panel business is said to expand QD-OLED sales lead by year-end seasonal demand. As per the report, the profit associated with the large panel will see growth by adding new products and enhanced yields.
Harman, an independent subsidiary of Samsung has witnessed profit that is contributed by higher sales of car audio products. As a strategy, the company aims to increase sales during end-year seasonality as well as address the continuing demand for automotive products.
Overall the market demand has increased from the previous quarter for the company. The company expects to see significant growth in the smartphone market but with intensified competition in the fourth quarter.
