Quarterly revenue of KRW 67.40 trillion, operating profit at KRW 2.43 trillion.
Memory market conditions to recover in 2024; macroeconomic uncertainties expected to persist
Samsung Electronics today reported financial results for the third quarter ended September 30, 2023.
Total consolidated revenue was KRW 67.40 trillion, a 12% increase from the previous quarter, mainly due to new smartphone releases and higher sales of premium display products. Operating profit rose sequentially to KRW 2.43 trillion based on strong sales of flagship models in mobile and strong demand for displays, as losses at the Device Solutions (DS) Division narrowed.
The Memory Business reduced losses sequentially as sales of high valued-added products and average selling prices somewhat increased. Earnings in system semiconductors were impacted by a delay in demand recovery for major applications, but the Foundry Business posted a new quarterly high for new backlog from design wins.
The mobile panel business reported a significant increase in earnings on the back of new flagship model releases by major customers, while the large panel business narrowed losses in the quarter.
The Device eXperience (DX) Division achieved solid results due to robust sales of premium smartphones and TVs. Revenue at the Networks Business declined in major overseas markets as mobile operators scaled back investments.
Harman posted a quarterly record in operating profit, led by higher sales of car audio products amid an overall increase in orders from automotive customers and also consumer audio products such as portable speakers.
In the fourth quarter, the DS Division will focus on sales of high value-added products such as High Bandwidth Memory (HBM)…