Samsung Posts Record Revenue, Profit in Q3

By Benzinga
October 28, 2021 Updated: October 28, 2021

Samsung Electronics Co Ltd. reported third-quarter FY21 revenue growth of 10 percent year-on-year to a record $63 billion (KRW 73.98 trillion).

The operating profit increased 26 percent Q/Q to $13.48 billion (KRW 15.82 trillion), the second-highest ever as favorable market conditions continued in the memory market while the foundry and display businesses achieved robust sales. The finished product businesses also posted solid performances.

The Display Panel Business posted KRW 8.86 trillion in consolidated revenue and KRW 1.49 trillion in operating profit due to the strong sales of small to mid-sized OLED panels despite weak performance in the large display business.

The IT & Mobile Communications Division posted KRW 28.42 trillion in consolidated revenue and KRW 3.36 trillion in operating profit for the third quarter. Net income rose 31 percent Y/Y to $10.3 billion (12.29 trillion won).

In Q4, the fundamental demand for DRAM servers will stay strong from new CPU adoption and data center investments. Samsung sees earnings to increase due to the expanded supply of SoCs and related products for new 5G smartphones in 2022. Samsung forecasts strong demand for new smartphones to continue and sales for laptops and gaming devices to grow during the holiday season. Samsung sees higher demand for TVs Q/Q due to year-end seasonality.

In 2022, amid uncertainties over COVID-19, the smartphone and wearable markets are expected to continue growing.

By Anusuya Lahiri

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