A man passes by a Samsung Gangnam store in Seoul, South Korea, Tuesday, Oct. 31, 2023. Samsung Electronics on Tuesday reported its highest quarterly profit for the year and saw narrowed losses from its computer chip business amid a slow recovery in global demand.– Samsung Electronics on Tuesday reported its highest quarterly profit for the year as losses from its computer chip business narrowed amid a slow recovery in global demand.
The South Korean technology giant’s 2.43 trillion won operating profit for the three months to September still marked a 77.6% decline from the same period last year as the company in past months has grappled with weak memory chip prices and the global economic shock of Russia’s war on Ukraine. The company’s 67.4 trillion won revenue for the last quarter was a 12.2% drop from a year earlier.
It said the improvements in demand have been driven by high-end chips used for artificial intelligence technologies and resumed orders from PC and mobile device manufacturers, which had previously focused on lowering their chip inventory while weathering weak consumer spending.
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