Samsung Electronics announced its third quarter results for 2023 today. The third quarter profit fell 78% year-on-year. However, as the hard-hit memory chip market began to show signs of recovery, the company still achieved good results this year. best performance.
Samsung Electronics’ consolidated total revenue in the third quarter was 67.40 trillion won, a 12% month-on-month increase, mainly due to the release of new smartphones and increased sales of high-end display products.
Operating profit rose quarter-on-quarter to 2.43 trillion won and losses in the device solutions (DS) unit narrowed due to strong sales of mobile flagship models and strong demand for displays.
Samsung said its memory business continued to reduce losses due to an increase in sales volume and average selling prices of high value-added products. System Semiconductor’s earnings were hurt by delays in the recovery of demand in key applications, but the foundry business hit a quarterly high with new backlogs on design breakthroughs.
Affected by the release of new flagship models from major customers, the mobile phone panel business saw a significant increase in profits, while the large screen business saw its losses narrowed this quarter.
Harman’s quarterly operating profit hit a record high due to higher sales of car audio products from automotive customers as well as overall orders for consumer audio products such as portable speakers.
In the third quarter, Samsung Electronics’ capital expenditures reached 11.4 trillion won, of which the equipment solutions division spent 10.2 trillion won and Samsung Display spent 0.7 trillion won. The cumulative total for the January-September period was 36.7 trillion won, of which 33.4 trillion won was allocated to the DS unit and 1.6 trillion won to SDC. Full-year capital expenditures for 2023 are expected to be approximately KRW 53.7 trillion, including KRW 47.5 trillion allocated to the DS unit and KRW 3.1 trillion allocated to SDC.
Looking ahead to 2024, Samsung said that while macroeconomic uncertainty is likely to persist, memory market conditions are expected to recover. The DS segment will seek to expand sales of advanced node products and plans to meet demand for high-performance, high-bandwidth products with industry-leading HBM production capabilities by increasing sales of HBM3 and HBM3E.
For the foundry business, mass production of the second-generation 3nm Gate All Around (GAA) process will begin and operations will begin at its new facility in Tyler, Texas. Additionally, in the advanced packaging business, production will start based on multiple orders received from domestic and international HPC customers, including orders for the company’s turnkey services combining logic, HBM and 2.5D advanced packaging technologies.
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