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Samsung Electronics (KS:), on Wednesday, reported a sequential improvement in its third-quarter sales and profit, despite the global tech-industry downturn and losses in its semiconductor segment. The South Korean tech giant expects an operating profit of 2.4 trillion won ($1.79 billion) and revenue of 67 trillion won, a development that boosted its share price by 2.7%.
The company’s strategic measures, including a reduction of semiconductor output and memory-chip production, aimed at inventory reduction and supporting chip prices, have been well-received by the market. Samsung’s focus on serving artificial-intelligence companies has also contributed to this positive market response.
A rebound in the DRAM spot-price has also added to the optimism surrounding Samsung’s financial performance. Analysts Kangho Park and Wi Min-bok from Daishin Securities predict that Samsung’s operating profit for the final quarter will exceed KRW3.4 trillion due to rising chip prices.
Samsung is expected to release its full third-quarter earnings report later this month. This report will provide further insight into the company’s financial performance amidst the challenges faced by the global tech industry.
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