Samsung is expected to post record profits in the fourth quarter on strong demand for server memory chips during the pandemic.
The Korean electronics giant said on Thursday it expects its operating profit for the fourth quarter to be around ₹13.8 trillion ($11.4 billion), a more than 52% increase from the year-ago period.
Samsung saw its revenue at around 76 trillion won ($63 billion) for the three-month period ended September 30, an increase of more than 23%.
Samsung didn’t say what affected its results, but the company is likely to see an increase in demand for its chips as more people, forced to work from home during the coronavirus pandemic, are buying electronic gear and other accessories. Huh. The company will report its final results at the end of this month.
Samsung sells more phones and TVs than any other company, but it also has a big business selling memory chips to device makers around the world. In recent months, Samsung’s chip business has received a boost from data centers that rely on technology to store everything we do online.