Samsung Electronics Q3 Operating Profit 12.3 Trillion Won... 58% Increase YoY (Update)
[Asia Economy Reporter Dongwoo Lee] Samsung Electronics announced its preliminary results for the third quarter on the 8th, with sales of 66 trillion KRW and operating profit of 12.3 trillion KRW. Compared to the same period last year, sales increased by 6.45% and operating profit rose by 58.1%.
The operating profit consensus for the third quarter estimated by the financial investment industry was 10.28 trillion KRW, but Samsung Electronics' quarterly operating profit exceeding 10 trillion KRW is the first time in seven quarters since Q4 2018 (10.8 trillion KRW).
The strong performance in the third quarter is believed to be driven by robust sales in the set division, including smartphones and home appliances.
The IT & Mobile (IM) division's operating profit is estimated to be in the mid-4 trillion KRW range, with strong performance from smartphones such as the Galaxy Note20 series and Galaxy Z Flip2.
The Consumer Electronics (CE) division's operating profit is expected to be in the mid-1 trillion KRW range, approximately doubling compared to the previous quarter. This is interpreted as a result of significantly expanded online sales demand for TVs and refrigerators due to the prolonged COVID-19 pandemic and reduced marketing expenses.
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The Device Solutions (DS) division, responsible for the semiconductor business, is expected to have an operating profit in the 5 trillion KRW range. It is estimated to have slightly decreased compared to the previous quarter due to price declines in DRAM and NAND flash. The Display division's operating profit is around 200 billion KRW, with analyses suggesting that the LCD deficit has decreased compared to the previous quarter due to rising LCD panel prices.
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