Samsung Electronics released its third quarter results as of September 30, 2020,Net profit was 9.36 trillion won (US $8.3 billion), up 48.9% year on yearIts revenue reached 66.96 trillion won (about 75.51 billion US dollars), an increase of 8% year-on-year; and the operating profit was 12.35 trillion won, up 58.8% year-on-year.
Thanks to the launch of the latest Galaxy Note Series and a new foldable device,Samsung's smartphone sales rose nearly 50% in the third quarter。
Boosted by Huawei and other mobile customers, Samsung's overall demand for memory chips in the third quarter exceeded expectations.
Samsung said that while mobile demand is likely to remain strong in the fourth quarter and the first half of the year, server orders are likely to be weak.
According to inspectrum tech, the contract price of 32GB DRAM server module fell by 9% in the third quarter, while the price of 128GB MLC NAND flash memory chip fell by about 8% in the third quarter. Meguiar cut its capital spending plan last month, believing that demand from corporate customers is weakening and predicting that flash chips may oversupply next year.
Samsung Electronics expects strong growth in mobile and memory services to slow down as competition intensifies and demand weakens,The company's profits will fall in the fourth quarter。
Samsung expects capital spending of about 35.2 trillion won (about $31 billion) this year as it moves to more advanced chip technology.
After the release of the financial report,Samsung shares fell 1.2% on Thursday.
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