Samsung’s profit rose 179% in Q3! Sets new record!

- Adrian Ungureanu
1025

The Korean tech giant set new records in the third quarter of the year, as its profit rose 179%, to around $13 billion, boosted by the the sales of flagship smartphones and memory chips for servers.

Samsung is one of the most profitable companies in the world, but the results in Q3 2017 are almost unbelievable. The company’s earning grew to KRW14.53 trillion in operating profit which is around $13 billion. A massive increase of 179% in comparison with Q3 2016.

The revenue reported by Samsung is KRW62.05 trillion ($55.48 billion) which is an increase from KRW47.82 trillion ($42.75 billion). The net profit also increased drastically – an 89% jump from KRW4.54 trillion ($4.05 billion) in June-September 2016 to KRW11.19 ($10 billion) trillion the last quarter.

So, business is going well for Samsung who is making money not only from making OLED displays and chips, but also from selling smartphones. Although, the results are impressive in Q3, a new record is bound to be set in Q4, as the winter sales are going to pump more money into the company’s treasury and as OLED supplies to Apple will be accounted. And there should be some money in there, because the iPhone X is simply flying of the shelves and stocks.