Business

Samsung posts record profits in Q3

After releasing its preliminary guidance two weeks ago, now Samsung has posted its official earnings for Q3 2017. The company registered KRW14.53 trillion in operating profit or $13 billion. This is a massive 179% growth year over year and a record, enabled by high demand for flagship mobile devices and memory chips for servers.

Samsung posts record profits in Q3

The revenue reported by Samsung is KRW62.05 trillion ($55.48 billion) which is an increase from KRW47.82 trillion ($42.75 billion). The net profit also increased drastically – an 89% jump from KRW4.54 trillion ($4.05 billion) in June-September 2016 to KRW11.19 ($10 billion) trillion the last quarter.

The Mobile Communication and Network Businesses division revenues fell 18.9% compared with Q3 2016, due to the higher sales portion of mid-to-low tier models. Samsung also stated that smartphone shipments increased overall due to the launch of the Galaxy Note8 and the Galaxy J 2017 series. The company expects demand to go higher with the holiday season at the end of the year.

Along with the quarterly results, Samsung announced that the Device Solutions, Consumer Electronics, IT&Mobile Communications divisions are all getting new managers. The CFO will step down to become the companys board chairman and will succeed Mr. Kwon after he resigned earlier this year.

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