Samsung reported its financial results for the third quarter of 2024, with total revenue of 79.10 trillion won, up by 17% compared to the same period last year. Operating profit stood at 9.18 trillion won, marking a significant increase of 277% in line with the company’s earlier guidance.
The semiconductor business group of Samsung, known for its robust growth and high profitability, posted a total revenue of 29.27 trillion won in this quarter, representing a notable 78% increase. Specifically, the memory chip business generated 22.27 trillion won, up by 112%. However, the overall operating profit of 3.86 trillion won was lower compared to the previous quarter.
Samsung emphasized that the demand for both AI and server processors continued to drive significant growth in the memory unit business, despite some negative impact from the smartphone product demand. The company remains optimistic about the strong demand trends for AI and server processors heading into 2025.
In contrast, the revenue from the smartphone business segment reached 29.98 trillion won, showing a modest 3% increase. Samsung noted that the overall market recovery has been slower than anticipated, with fierce competition still prevalent.
Source: Samsung
**TLDR: Samsung’s third-quarter performance saw impressive revenue growth in the semiconductor business while facing challenges in the smartphone market, with a positive outlook towards AI and server processor demand in the future.**
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