Samsung’s Q3 Profits Breaking Records

Samsung has had a good run with its flagship Galaxy S8 phones driving the bezel-less display trend. Samsung released their financial results for Q3 2017 and they’re record breaking. The tech giant has reported a revenue of KRW 62.05 trillion ($55.5 billion) for the third quarter of this year, an increase from previous year’s KRW 47.82 trillion ($42.75 billion), about $12.7 billion more.

Samsung pointed out that smartphones, chipset and servers were the main reason for the record breaking profits. They reported an operating profit of KRW 14.53 trillion ($13 billion), an increase of KRW 9.33 trillion ($8.3 billion) Year-on-Year. The smartphone sales increased drastically with the launch of the Galaxy Note 8 and the Galaxy J 2017 series of smartphones.

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The semiconductor division accounted for two-thirds of the company’s overall operating profit, with an Year-on-Year increase of 146.7%. The Mobile Communication and Network Businesses division, saw a revenue drop of 18.9% as compared to Q3 2016, the reason for which Samsung stated was, “higher sales portion of mid-to-low tier models”. They also saw a drop in revenue in the display panel segment, even though their flexible OLED panel business boomed.

The company expects higher sales owing to the coming holiday season, which would mean a year full of profits for Samsung. Watch this space for more!

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