South Korean tech giant Samsung Electronics 005930, +0.30% said its third-quarter net profit fell 38% on the year but more than tripled on the quarter to beat market consensus, as its semiconductor business narrowed losses amid signs of recovery in demand.
Revenue stood at KRW67.405 trillion for the third quarter with operating profit coming in at KRW2.434 trillion, largely in line with the company’s preliminary forecasts. The company also said its smartphone and display-panel businesses performed strongly in the third quarter, helping offset losses from the semiconductor segment.
Samsung also expects demand for powerful computing chips used in generative AI applications to remain strong in the coming quarters.
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