What do you want to know
- Samsung has released its third quarter 2021 financial results.
- The company’s revenue increased 10% year-on-year, while operating profit increased 26% from the previous quarter.
- Samsung’s mobile communications division also saw improved profits due to strong demand for new foldable models.
Samsung Electronics has announcement its financial results for the third quarter of 2021, achieving record revenue of KRW 73.98 trillion (approximately $63 billion) and operating profit of KRW 15.82 trillion (approximately $13 billion) . The company’s quarterly revenue jumped 10% from a year earlier, while operating profit rose 26% from the prior quarter.
Samsung says revenue was driven by favorable market conditions in the memory market, strong growth in foundry and display sales, as well as strong performance in the finished product business.
The Memory Business unit achieved record quarterly shipments in the July-September period, while the DRAM division posted its second highest revenue to date. Samsung’s foundry business also benefited from strong sales to global customers. The Display Panels business recorded a significant increase in revenue as major smartphone customers such as Apple launched their new products.
Samsung’s computer and mobile communications division recorded consolidated revenue of KRW 28.42 trillion and operating profit of KRW 3.36 trillion in the July-September period. The increase in revenue was attributed to an increase in smartphone sales from the previous quarter, led by the Galaxy Z Fold 3 and Galaxy Z Flip 3 foldable phones.
Samsung’s best-budget Android phones also contributed to the sales growth, along with tablets and wearables. The company expects market demand to increase further in the fourth quarter due to strong year-end seasonality.
It aims to maintain a double-digit operating profit margin by expanding sales of high-end flagships with the Galaxy Z Flip 3 Bespoke Edition. Samsung also plans to target replacement demand with its range of affordable 5G phones.
Samsung Galaxy ZFlip 3
The Galaxy Z Flip 3 is a gorgeous foldable that’s far more durable than Samsung’s previous generation foldables. It also offers fast performance, 5G connectivity and reliable battery life.
