Order the King of Android! Get your Galaxy S25 Ultra today! Follow us on Google news!

SamMobile has affiliate and sponsored partnerships. If you buy something through one of these links, we may earn a commission.

News For You
Notifications

Samsung’s profit jumps 72.8% in Q3 2024 despite chip struggles

Latest Samsung news
By 

Last updated: October 31st, 2024 at 06:19 UTC+01:00

Earlier today, Samsung announced its earnings for the third quarter of 2024. While the company's profits beat market expectations, its struggles in the memory chip market remain. The South Korean firm reported a consolidated revenue of KRW 79.1 trillion ($57.34 billion) and an operating profit of KRW 10.1 trillion ($7.3 billion).

Samsung's net profit in Q3 2024 was 72.8% higher than last year

Samsung Electronics' revenue was KRW 79.1 trillion ($57.34 billion) in Q3 2024, while its net profit was KRW 10.1 trillion ($7.3 billion). The company's revenue was 17.3% higher, while net profit was 72.8% higher compared to figures from Q3 2024. While these numbers show a positive sign, the company is still struggling with memory chips, which is considered its cash cow.

The South Korean operating profit was KRW 9.18 trillion ($6.65 billion), a staggering 277.4% jump compared to last year. Still, the operating profit was around 10% lower than analysts estimated.

Samsung DDR5 DRAM 12nm 16Gb Chips

The company's chip business (Samsung Semiconductor) contributed an operating profit of KRW 3.86 trillion ($2.79 billion), which is a massive drop compared to the previous quarter (Q2 2024) but an improvement compared to a loss of KRW 2.18 trillion ($1.58 billion) from Q3 2023.

Samsung said its smartphone business (Samsung MX) showcased double-digit annual sales growth. The smartphone business saw growth in revenue and profit due to the launch of new smartphones, tablets, and smartwatches. The company said it aims to increase profitability by selling more higher-end phones and ecosystem products like Galaxy Buds and Galaxy Watches.

The South Korean firm, known for high-quality OLED panels for smartphones, saw increased sales and profit in the segment. Apple launched its new iPhones recently, and they use Samsung Display's OLED panels. Samsung said it expects to maintain leadership in the high-end OLED panel market.

In its home appliances and TV segment (Samsung DX), the company plans to increase profits by selling high-end models. In Q3 2024, it posted a revenue of KRW 14.4 trillion ($10.4 billion) but a low profit of just KRW 0.53 trillion ($384 million). The company says it expects to see improved sales in the fourth quarter of this year, as TV demand will recover due to the year-end festive season.

Latest Samsung news EarningsSamsung DisplaySamsung DXSamsung ElectronicsSamsung FoundrySamsung MXSamsung NetworksSamsung SemiconductorSystem LSI Buy Galaxy S23
Scroll for more related content
News For You

You might also like

Samsung won’t have to deal with OnePlus foldable phone this year

Samsung won’t have to deal with OnePlus foldable phone this year

Despite having a multi-year lead in the foldable smartphone segment, Samsung lost it due to its slow pace of innovation over the past couple of years. Chinese foldable phones are offering better specifications in thinner packages. However, Samsung won't have to worry about OnePlus' foldable phone this year. New OnePlus Open won't be launched this […]

  • By Daniel van Dorp
  • 1 day ago
Did Samsung just reveal why One UI 7 is delayed?

Did Samsung just reveal why One UI 7 is delayed?

Samsung has been inexcusably late with the release of the One UI 7.0 update. Usually, the company releases a major new One UI (and Android) update to its high-end devices before the end of the year. But that didn't happen with One UI 7.0, and Samsung has finally explained the reason for the delay. Samsung […]

  • By Asif Iqbal Shaik
  • 2 days ago
Important display info about Samsung’s tri-fold smartphone just leaked

Important display info about Samsung’s tri-fold smartphone just leaked

The size of the cover screen of Samsung's tri-folding smartphone has been leaked. At the Galaxy S25 launch event, Samsung teased several new phones that it is working on, confirming that it has a “multi-fold” smartphone in development. This multi-fold smartphone is one we have been hearing about in rumors for some time, and while […]

  • By Abhijeet Mishra
  • 3 days ago
Apple may have caused delays in Samsung Display’s Gen 8 OLED plans

Apple may have caused delays in Samsung Display’s Gen 8 OLED plans

Samsung Display's plans to install a second Gen 8 OLED deposition unit at its A6 manufacturing line have reportedly been delayed. The reason might be Apple. Nevertheless, the Korean tech giant will soon expand its Gen 8 OLED manufacturing capabilities. Reports say that Samsung Display has extended its contract with Gen 8 OLED manufacturing equipment […]

  • By Daniel van Dorp
  • 3 days ago
OpenAI reportedly chooses TSMC, not Samsung, to make its AI chips

OpenAI reportedly chooses TSMC, not Samsung, to make its AI chips

Last week, Samsung Electronics chairman Jay Y. Lee met OpenAI CEO Sam Altman in South Korea in a bid to create an open partnership in which the two companies help out each other. However, OpenAI appears to be planning to let TSMC, Samsung's primary rival, make its in-house AI chips. OpenAI's in-house 3nm AI chips […]

  • By Asif Iqbal Shaik
  • 3 days ago
Samsung launches S85F OLED TV in South Korea

Samsung launches S85F OLED TV in South Korea

At CES 2025, Samsung launched its lineup of OLED TVs for 2025. It has three models, the S85F, S90F, and the S95F. Well, the company has now launched the base model in the series, the S85F, in its home country, South Korea, making it the first region where the TV is going on sale. While […]

  • By Abid Iqbal Shaik
  • 3 days ago