Samsung Revenues Hit $63 Billion, Beat Estimates

Samsung credited better-than-expected demand for its foldables and other devices for a surprisingly strong quarter. And by “other devices,” I mean devices made by other companies like Apple that use Samsung displays.

Samsung reported a net income of $13 billion on revenues of $63 billion for the quarter ending September 30. Those revenues are a record, beating the record it set in the same quarter one year ago, and the profits are its second-best ever. Not bad, given the incredible supply chain issues we now face.

“Favorable market conditions continued in the memory market while the foundry and display businesses achieved robust sales,” the firm noted of the quarter. “The finished product businesses also posted solid performances.”

Samsung said that its Communications Business saw “a sequential improvement in earnings on the back of strong demand for new foldable models and low- to mid-range smartphones as well as growth from tablets and wearables.” Its display business also surged thanks to Apple: Mobile display earnings rose amid favorable seasonal effects, driven by demand for newly launched products from major smartphone customers.” But it also noted that its “foldable phones contributed to the highest-ever third-quarter profit.”

Samsung also saw great results across its consumer electronics, memory, and system semiconductor businesses.