Although Samsung's quarterly profit declined in Q3 2022 for the first time in three years, some Samsung arms and businesses performed better than others. According to the Korean media, Samsung Electronics has had a great Q3 in the automotive electronics market and reached record-high quarterly earnings. LG Electronics did the same.
Demand for automobiles in Q3 saw a slight incline, which worked in Samsung's favor. A Samsung official cited by Business Korea said the company “capitalized on strong demand for connected car solutions” through increased orders from corporate customers and consumer audio sales.
Harman International comes to Samsung's rescue
Interestingly enough, it was Harman International that posted a whopping 51% year-on-year increase in sales for automotive electronics, allowing Samsung Electronics to have a positive quarter in the segment.
Samsung acquired Harman in 2017. The latter company posted 3.63 trillion won ($2.54 billion) in sales in Q3, representing a 51% increase from the same period in 2021. Furthermore, Harman International recorded a 106% jump in operating profit, the latter of which came in at 310 billion won ($217 million).
Reports say that Harman signed a contract with Toyota earlier this year to supply telematics for in-car 5G. The company also plans to expand more into the digital cockpit sector. The existing digital cockpits from Samsung offer a complete solution powered by the Exynos Auto V9 platform.
