South Korean tech big Samsung Electronics
005930,
mentioned its third-quarter web revenue fell 38% on the 12 months however greater than tripled on the quarter to beat market consensus, as its semiconductor enterprise narrowed losses amid indicators of restoration in demand.
The world’s largest maker of reminiscence chips, smartphones and televisions mentioned Tuesday that web revenue got here in at 5.844 trillion gained ($4.34 billion) for the quarter ended September, in contrast with KRW9.389 trillion a 12 months earlier and KRW1.724 trillion within the earlier quarter.
Revenue stood at KRW67.405 trillion for the third quarter with working revenue coming in at KRW2.434 trillion, largely in step with the corporate’s preliminary forecasts.
The firm mentioned its reminiscence chip section remained within the crimson for a 3rd consecutive quarter, however its quarterly losses narrowed to KRW3.757 trillion within the third quarter from losses of over KRW4.0 trillion in every of the primary and second quarters.
The firm additionally mentioned its smartphone and display-panel companies carried out strongly within the third quarter, serving to offset losses from the semiconductor section.
It mentioned that demand for reminiscence chips will seemingly proceed to enhance within the fourth quarter and subsequent 12 months on shoppers’ new product releases and the artificial-intelligence growth.
Samsung additionally expects demand for highly effective computing chips utilized in generative AI functions to stay sturdy within the coming quarters.
The firm has reduce semiconductor output to scale back stock and assist costs for reminiscence chips whereas making an attempt to spice up output capability for AI chips and different high-end merchandise to satisfy brisk demand.
Samsung mentioned Tuesday it expects facility funding to hit an annual file of KRW53.7 trillion in 2023, with KRW11.4 trillion spent within the third quarter.
Source web site: www.marketwatch.com
