Samsung Electronics logs weaker-than-expected profit in Q3

South Korea's tech giant Samsung Electronics logged weaker-than-expected profit in the third quarter, owing to the delayed production of memory chips used in Generative Artificial Intelligence (AI) chipsets, the company said Thursday. Samsung said growth in AI will keep memory demand at robust levels in the fourth quarter, vowing to concentrate on driving sales of HBM and high-density memory products. Revenue jumped 17.4 percent over the year to hit a record high of 57.3 billion dollars in the third quarter, while net income surged 72.8 percent to 7.3 billion dollars.

The record revenue was attributed to the launch effects of new smartphones and strong sales of high-end memory products. Samsung expected a continued demand for mobile display panels and a sales growth of panels used for cars in the fourth quarter. Samsung projected seasonal factors to lead to sequential growth in the smartphone market in the fourth quarter.