Samsung Confirms Record Quarter

Samsung today confirmed that it had delivered record financial results for the quarter ending September 30, with $59 billion in revenues, an all-time high. It’s operating profit was $10.9 billion.

“Even as the COVID-19 pandemic continues around the world, reopening of key economies led to significant increase in consumer demand,” the firm notes in a press release. “Samsung Electronics was able to respond aggressively through flexible global supply chain management (SCM), reporting its highest-ever quarterly revenue. Quarterly operating profit rose 52 percent from the previous quarter, thanks to a boost in demand for smartphones and consumer electronics as well as efficient cost management. Third-quarter operating profit was also 59 percent higher year-on-year on stronger sales of memory chips and consumer products.”

Samsung had previously reported its estimated financial results for the quarter. Today’s announcement confirms the news and adds more specific data about its various business units.

Key among them, of course, is Samsung’s smartphone business, which saw a 50 percent jump in unit sales year-over-year, thanks to “new flagship products, coupled with improved cost management.” However, Samsung is forecasting a smartphone sales decline in the current quarter “due to competitive market environment,” which I assume means “thanks to Apple’s iPhone 12 lineup,” and “subsiding effects from new flagship model launches.”

Samsung’s chipset business also delivered strong results, with higher-than-expected memory chip sales and rising profits from smartphone components. Its display business also showed “significant growth as demand for tablets and laptops increased.”