Samsung Q3 Profits Soar 59% on Strong Demand for Smartphones, Memory Chips

At its earnings call today, Samsung Electronics announced a 59% increase in operating profit for the quarter ended September 30th. According to a statement released by the company, profit for the last quarter came in at 12.35 trillion won (~$10.89 billion), while internet income jumped 52% to hit 9.27 trillion won (~$eight.ii billion) driven past potent growth in its mobile and semiconductor businesses. Fifty-fifty though the results were slightly meliorate than expected, the company'southward shares still fell 2.ii% in line with the overall refuse in the Kospi on Thursday.

Alongside its smartphone and memory businesses, other products, like display panels, also saw loftier demand during the last quarter, calculation to the company's bottomline. However, a decline in demand for smartphones and deceasing prices of memory fries are expected to weigh heavily on the company's earnings during the current quarter.

The beingness the case, Samsung warned of reduced earnings in Q4, 2020 amidst intensifying competition and weakening demand in an uncertain global economy still reeling under the effects of the pandemic. In an official press release, the company said: "Looking alee, Samsung Electronics expects turn a profit to decline in the fourth quarter amid weakening memory chip demand from server customers and intensifying contest in mobile phones and consumer electronics".

To mitigate bug with lower demand and increased competition, Samsung says information technology is planning to invest more heavily in 5G technologies even equally the world transitions ever-then-slowly to the cutting edge in cellular communications. The company is also said to exist looking to push more advanced brandish tech like foldable phones and Quantum Dot TVs in 2021 to make up for reduced revenues from other sectors.