Samsung expects profit decline after strong Q3 results

Yonhap News Agency | Oct 29, 2020 at 7:42 AM
  • Samsung Electronics Co. on Thursday expected its profitability to worsen in the fourth quarter after delivering a forecast-beating performance in the third quarter on its better-than-expected chip business and demand for its mobile and home appliance products amid the pandemic.
  • Samsung also saw profit for its system LSI business improve on solid demand for mobile phone components, while its foundry business logged record quarterly revenue on the back of a recovery in mobile demand and increased demand for high-performance computing (HPC) chips.
  • Samsung’s IT & Mobile Communications (IM) division posted 30.49 trillion won in sales in the third quarter, up 4.23 percent from a year, while its operating profit surged 52.4 percent on-year to 4.45 trillion won, its largest quarterly operating income since the first quarter of 2014.