Samsung Electronics benefited from strong demand for its foldable smartphones in the third quarter. The South Korean group also managed to increase its profitability thanks to the high prices of computer chips.
Samsung sold more than a million foldable phones in South Korea. The company launched its latest range of smartphones in August.
Although Samsung is mainly known for smartphones outside South Korea, the company makes much more profit with its memory chips. South Korea’s largest company is one of the largest chip manufacturers in the world and, partly due to the strong economic recovery from the corona crisis, the demand for semiconductors and memory chips is very high. Due to this strong demand, chip prices are also rising.
In the third quarter, Samsung achieved an operating profit of almost 16 trillion won or more than 11 billion euros. The Korean company’s turnover amounted to 73 trillion won, which is about 53 billion euros.
At the end of October, Samsung will announce how much net profit the group has made in the third quarter. It also becomes clear how the various divisions of the company have performed.