Samsung posts 28pc jump in profits amid record sales

Lavern Vogel

South Korean tech giant Samsung Electronics posted a 28pc jump in operating profit on Thursday despite global supply chain challenges caused by the pandemic.

The world’s top chipmaker saw its operating profit reach 15.8 trillion won (£9.8 billion) for the July-September period, it said in a regulatory filing.

Its sales rose 10pc to a record £45.9 billion on the back of strong performance from its memory chip division thanks to sustained global demand.

“Favourable market conditions continued in the memory market” resulting in “robust sales”, the company said.

Operating profits generated from its semiconductor business accounted for over 60pc of the total, illustrating the major role the division plays to the sprawling group.

While the coronavirus pandemic has wreaked havoc on the world economy, it has helped many tech companies boom.

Pandemic-driven working from home has boosted demand for devices powered by Samsung’s chips, as well as home appliances such as televisions and washing machines.

Consumer demand for high-end products such as foldable phones is also expected to further boost profits in the coming months.

Next Post

John Lewis pulls ‘potentially misleading’ insurance ad

John Lewis has axed its controversial home insurance TV advertisement that shows a boy trashing a house after it was slapped on the wrists by the financial watchdog.  The retailer withdrew the campaign, which ran for just over a fortnight earlier this month, after the Financial Conduct Authority said the […]