Samsung
Samsung reveals Q3 results, forecasts roaring Galaxy device sales in 2024
Samsung today revealed Q3 2023 operating profit and sales results. At the same time, Samsung forecasts roaring Galaxy devices (smartphone, tablet, and smartwatch) sales in 2024. The company’s revenue for Q3 dropped by 12% to 67.4 trillion won ($50 billion).
According to the info, in Q3 2023, Samsung was able to reduce its losses in memory chips by 14 percent to 3.75 trillion won from 4.36 trillion won as it focused on cutting-edge DRAM chips supporting AI and cut production of older chips.
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Due to weak consumer demand smartphone and PC manufacturers have grappled and have decided to draw down chip inventories instead of spending to replenish their holdings. However, Samsung sees better times ahead for memory chips and said:
“PC and mobile demand is likely to benefit from the arrival of some replacement cycles for products.”
More insights:
- 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 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.
