Samsung released its third quarter earnings report and the numbers show quarterly revenue of KRW 67.40 trillion ($49.99 billion) and operating profit of KRW 2.43 trillion ($1.80 billion) . Revenue figures represent a gradual decline of 12.3% year over year, but are up 12% from Q2 values, while operating profit is up more than 262% from Q2 values .
Samsung shared that its mobile division has seen strong sales for its flagship models along with good demand for mobile displays. Samsung’s memory business narrowed losses thanks to increased demand for its products and higher average selling prices.
Looking at the mobile division, Samsung reports consolidated revenues of KRW 30 trillion ($22.26 billion) and KRW 3.04 trillion ($2.25 billion) in operating profit, up 1.85% on annual basis and 8.8% compared to the second quarter. The slight recovery was driven by improving consumer demand in the global smartphone market. Samsung’s flagship Galaxy S23 series and latest generation foldables continued to see strong demand and maintained solid momentum from the previous quarter.
Samsung expects even greater growth in the smartphone market ahead of the fourth-quarter holiday season. Furthermore, the demand for tablets is also expected to increase along with wireless accessories such as TWS earphones and smartwatches.
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