Samsung Q3 Profit Surges 274% to 9.1 Trillion Won, Revenue at 79 Trillion Won, Misses Expectations

Oct 8, 2024, 12:01 AM

Samsung Electronics has reported its Q3 2024 financial results, showing a significant increase in operating profit but falling short of market expectations. The company posted an operating profit of 9.1 trillion won, below the LSEG SmartEstimate of 10.3 trillion won, and revenue of 79 trillion won, also missing the estimate of 82.2 trillion won. This performance represents a 274% year-over-year surge in operating profit, driven by solid demand for servers and high-bandwidth memory (HBM) solutions. However, challenges in the AI chip market, one-off costs in the chip business, and competition in premium phones and DRAM market risks have impacted earnings. The company's display business saw partial improvement due to new product launches by major customers. Despite the profit surge, the results have stoked uncertainty about the outlook for Samsung's pivotal chip division. Tickers of interest: $SSNLF.