Home Business News Samsung expects component shortages to affect some chip demand after 3-year profit high By Reuters

Samsung expects component shortages to affect some chip demand after 3-year profit high By Reuters

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Samsung expects component shortages to affect some chip demand after 3-year profit high By Reuters

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© Reuters. FILE PHOTO: The logo of Samsung Electronics is seen on a dish washer at its store in Seoul, South Korea, August 27, 2020. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) -Samsung Electronics Co Ltd said on Thursday it expects component shortages to affect chip demand from some customers in the current quarter, after reporting its highest quarterly profit in three years.

The world’s top maker of memory chips posted a 28% jump in operating profit in the July-September quarter to 15.8 trillion won ($13.48 billion) on the back of an 82% on-year profit surge in its chip business, where earnings rose to 10.1 trillion won ($8.62 billion).

Rising memory chip prices and shipments, plus a jump in profitability at Samsung (KS:)’s chip-contract manufacturing business boosted the chip division’s operating profit, while sales of Samsung’s new foldable smartphones were tempered by marketing and component costs.

Net profit rose 31% to 12.3 trillion won. Revenue rose 10% to a record 74 trillion won.

($1 = 1,172.0500 won)

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