Prior to Apple's Financial Conference Call today, Samsung Electronics Posts Highest Ever Q3 Revenue though warns Q4 Profits will Drop
Later today Apple Inc. is to hold their Financial Conference Call for Fiscal Q4 (calendar Q3). Ahead of the call, Samsung Electronics announced delivering an earnings surprise for calendar Q3. The company announced on Oct. 29 that it posted the highest-ever quarterly revenue of 66.96 trillion won and a 52 percent jump in operating profit at 12.35 trillion won (about US$10.89 billion).
Business Korea further reported that Samsung stated that its quarterly operating profit rose thanks to a boost in demand for smartphones and consumer electronics due in-part to demand brought on by COVID-19. Third-quarter operating profit was also 59 percent higher year-on-year on stronger sales of memory chips and consumer products.
A near 50 percent jump in sales of smartphones including new flagship products, coupled with improved cost management, lifted earnings at the Mobile Communications Business from the previous quarter.
Looking ahead, Samsung Electronics expects profit to decline in the fourth quarter amid weakening memory chip demand from server customers and intensifying competition in mobile phones and consumer electronics.