Samsung mobile and display panel business’ helps company beat operating profit expectations

Samsung has been experiencing a significant decline in profits and record-breaking losses in recent quarters. However, the company’s latest earnings report shows it is optimistic about the future. On Tuesday, Samsung Electronics reported a quarterly operating profit that was better than expected.

In Q3 2023, Samsung reported a consolidated revenue of KRW 67.40 trillion ($49.9 billion), a 12% increase from the previous quarter, and a profit of KRW 2.43 trillion ($1.80 billion). Samsung’s Q3 profits showed a boost, indicating an end to the memory chip glut. However, Q1 2022 saw an 85.15% drop in operating profit compared to Q4 2021, and Q2 only improved by 4.68%.

Earlier this month, Samsung estimated Q3 revenue at KRW 67 trillion with operating profit at KRW 2.4 trillion.