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Samsung’s Q3 profits fell by 78%, outperforming forecasts.
During the July to September period, Samsung’s operating profit dropped significantly to 2.4 trillion won, compared to 10.85 trillion won in the same 2023 period. The main factors behind this annual decline were the global economic slowdown and a sharp reduction in chip demand.
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Despite the Q3 profit being considerably lower than the 640 billion won in the first quarter (the lowest since 2009) and the 670 billion won in the second quarter, it exceeded expectations. Samsung’s 2.4 trillion won operating profit surpassed the forecast of 2.1 trillion won according to the LSEG SmartEstimate.
With chip demand declining after the pandemic-induced surge, chip prices also dropped significantly, posing a major economic challenge for Samsung, a leader in memory chip manufacturing.
To mitigate these losses, Samsung focused on producing more profitable and advanced chips, like DRAM, while reducing the production of older legacy chips.
Apart from semiconductor chip production, Samsung is also involved in making OLED panels for mobile devices and TVs, camera sensors, and various other products.
A comprehensive Q3 2023 earnings report is expected to be released by the end of this month, providing a complete financial overview of the company.
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