Samsung’s third-quarter profit surges 160% as chip business bounces back from brutal slump

Samsung Electronics has announced a remarkable resurgence in its financial performance, reporting an impressive increase in operating profit that more than doubled from the previous quarter. This surge is largely attributed to a significant recovery in its chip business, which had previously suffered from a severe downturn. In the third quarter, Samsung's revenue rose by 8.85% compared to the same period last year, while operating profit showed a staggering year-over-year increase of 32.9%. This rebound marks a stark contrast to the challenges faced in the June quarter, where the company's chip sector was heavily impacted. Notably, the operating profit surged by an astonishing 160% from June, with revenue climbing 15.5% during the same timeframe. As South Korea's largest company by market value, Samsung continues to dominate the market as a key player in memory chips, semiconductor manufacturing, and smartphones. The chip division alone experienced a 19% uptick in sales compared to the previous quarter, with its memory segment achieving record quarterly sales, significantly driven by heightened demand for artificial intelligence applications. Furthermore, the operating profit for this quarter surpassed Samsung's own expectations, which had anticipated around 12.1 trillion Korean won.