Samsung Electronics recorded a massive increase in its third-quarter operating profit, which climbed nearly ninefold compared to the previous year. The company matched its forecasts by posting 107.4 trillion won ($80.04 billion) for the July-to-October timeframe, compared to just 12.2 trillion won during the same period a year earlier. This turnaround comes amid investor debates about the durability of artificial intelligence hardware spending. Bolstered by optimistic outlooks from competitor SK Hynix as well, shares of both memory chipmakers have experienced notable market gains.
Key points
Expanding adoption of artificial intelligence continues to drive exceptional profitabilit…: Expanding adoption of artificial intelligence continues to drive exceptional profitability for the world's leading memory chipmakers.
Heavy demand for AI-focused hardware is actively helping to alleviate wider market skepti…: Heavy demand for AI-focused hardware is actively helping to alleviate wider market skepticism regarding prolonged sector spending.
Robust financial results from major industry players are stabilizing investor sentiment a…: Robust financial results from major industry players are stabilizing investor sentiment across the broader semiconductor landscape.
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SEOUL, Oct 29 : Samsung Electronics said on Thursday its operating profit rose nearly ninefold to a record high in the third quarter, driven by robust demand for AI chips, even as investors remained wary about the durability of AI spending.
The world's top memory chipmaker reported operating profit of 107.4 trillion won ($80.04 billion) for the July-to-October period, in line with its estimate and up from 12.2 trillion won a year earlier.
Its cross-town rival SK Hynix on Wednesday reported strong earnings and an upbeat outlook, helping to ease market concerns that AI-driven chip earnings could lose momentum, driving up shares of Samsung and SK Hynix.
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