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Samsung posts record $63.1 billion revenue in third quarter

Samsung celebrates a record breaking third quarter with profits up by 26 percent.

October 28, 2021 / 02:27 PM IST
The company remains optimistic for the fourth quarter

The company remains optimistic for the fourth quarter

Samsung reported a record $63.1-billion revenue for the third quarter of 2020-21. It was a 10 percent increase from the same quarter last year with a 26 percent higher operating profit over the previous quarter.

The company's semiconductor business posted $22.6 billion in revenue and DRAM sales for servers were strong. There was a strong demand for computers in the period, thanks to the work-from-home format. The company was able to maintain strong performance despite shortage in components worldwide.

Samsung's mobile division continued to perform well with a revenue of $24.2 billion. The popularity of the Galaxy line and the new foldable phones - Galaxy Z Fold 3 and Galaxy Z Flip 3 - made this a very profitable quarter for the mobile division and made a massive contribution to the overall company revenue. It did confirm, however, that the big marketing investments for the new foldable phones did affect the bottomline.

The phone display business posted $7.5 billion in revenue. The demand for small and medium sized OLED panels drove revenues higher compared to the previous quarter. Their biggest customer when it comes to display panels is Apple.

Samsung says it is optimistic for the fourth quarter despite acknowledging the current component supply issues. It expects more revenue from its display business since there is a proven demand for OLEDs in all devices.

For its TV business, Samsung says, it will continue to focus on the high-end and is expecting new quantum dot based TV sets to launch soon. The biggest competitor it has is LG with its OLED based TVs.
Moneycontrol News
Tags: #Samsung
first published: Oct 28, 2021 02:27 pm

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