Samsung Reports Income Growth Driven by Strong Smartphone and Mobile Display Sales

Samsung Reports Income Growth Driven by Strong Smartphone and Mobile Display Sales

ByAudInsights.blog

Introduction

Samsung has been facing profit declines and record-breaking losses in recent quarters. However, in its latest earnings report, the company revealed that it experienced income growth due to the strong sales of its mobile flagship devices and premium displays. While the numbers are still below last year’s, Samsung remains optimistic about the future. This article explores Samsung’s latest earnings report and discusses the factors contributing to its income growth.

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Samsung’s Revenue and Profit

In the third quarter of 2023, Samsung posted a consolidated revenue of KRW 67.40 trillion, representing a 12 percent increase from the previous quarter. It also reported KRW 2.43 trillion profit, which is a significant improvement compared to the second quarter. However, it is only a third of what the company earned in the same period last year. Nevertheless, the figures indicate a positive trend for Samsung’s financial performance.

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Mobile and Network Business

Samsung’s mobile and network business accounted for KRW 30 trillion in consolidated revenue and KRW 3.30 trillion in operating profit. The company attributed the higher demand in the third quarter to a recovery in the global smartphone market. The Galaxy S23 series experienced “solid sales momentum,” while foldables, tablets, and wearables also recorded strong sales. Samsung anticipates further growth in smartphone sales in the next quarter, driven by the holiday season and increasing consumer confidence in the global economic recovery.

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Mobile Panel Business

The mobile panel business of Samsung reported increased earnings in the third quarter. This growth was primarily attributed to the release of new flagship models by major customers, which may include Apple’s iPhone 15. Samsung intends to continue focusing on OLED panels for its mobile display business and plans to establish a supply chain for the augmented and virtual reality market.

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Semiconductor Division

While Samsung’s semiconductor division posted operating losses in the third quarter, the results were slightly better than the previous quarter. The company expects demand for PCs and mobile devices to improve in the next period. Additionally, strong server demand from cloud service providers due to generative AI applications is anticipated.

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Conclusion

Despite experiencing profit declines and losses in recent quarters, Samsung showcased income growth in its latest earnings report. The strong sales of its mobile flagship devices and premium displays have contributed to this positive performance. The company expects further growth in smartphone sales, driven by the holiday season and a recovering global smartphone market. Samsung also aims to capitalize on the augmented and virtual reality market through its focus on OLED panels. While the semiconductor division still faces challenges, the company remains optimistic about future improvements in demand. Overall, Samsung’s latest earnings report reflects an encouraging outlook for the company’s financial situation.

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Source: Samsung credits strong smartphone and mobile display sales for income growth

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