Friday, 09 October 2020 11:32

Samsung flags nearly 60% rise in operating profits for third quarter

Samsung flags nearly 60% rise in operating profits for third quarter Image by Pexels from Pixabay

South Korean conglomerate Samsung Electronics has flagged a rise of 58.1% in its third-quarter operating profits, with the US ban on Huawei helping to boost its mobile and chip businesses.

The company said in an earnings estimate that it anticipated operating profit for the third quarter to reach 12.3 trillion won (A$14.8 billion).

In the third quarter of 2019, Samsung reported 7.8 trillion won as operating profits.

The 12.3 trillion won figure marks the best performance since the third quarter of 2018 when Samsung reported an operating profit of 17.5 trillion won.

The company's performance has been helped by the latest strictures placed on Huawei which came into effect on 15 September.

These curbs have cut off the supply of semiconductors needed for smartphones while earlier restrictions have blocked the supply of software.

Falling DRAM prices could affect Samsung's fourth-quarter performance. The demand for working from home helped sales of DRAM chips but an oversupply is now affecting prices.

The market research firm Trendforce has predicated a 13% to 19% drop in prices.

According to Yonhap, the average contract price for DDR4 32GB RDIMM, a server DRAM chip mainly purchased by cloud firms, has fallen for three consecutive months.

It reached US$122 at the end of September, down 4.69% from a month earlier, DRAMeXchange data showed.

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Sam Varghese

Sam Varghese has been writing for iTWire since 2006, a year after the site came into existence. For nearly a decade thereafter, he wrote mostly about free and open source software, based on his own use of this genre of software. Since May 2016, he has been writing across many areas of technology. He has been a journalist for nearly 40 years in India (Indian Express and Deccan Herald), the UAE (Khaleej Times) and Australia (Daily Commercial News (now defunct) and The Age). His personal blog is titled Irregular Expression.

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