Samsung Electronics’ revenue hits record high in third quarter

Samsung Lcd Plant
Samsung Plant

Revenue of Samsung Electronics, South Korea’s tech behemoth, hit a record high in the third quarter thanks to strong chip demand, the company said Thursday.

Consolidated revenue advanced 10.5 percent from a year earlier to reach a quarterly high of 73.98 trillion won (63.1 billion U.S. dollars) in the July-September quarter.

Operating profit surged 28.0 percent to 15.82 trillion won (13.5 billion U.S. dollars) in the quarter, and net income jumped 31.3 percent to 12.29 trillion won (10.5 billion U.S. dollars).

The record earnings came as the prolonged COVID-19 pandemic encouraged people to work from home and attend online classes, raising demand for computers and mobile devices.

Samsung’s chip-making division logged an operating profit of 10.06 trillion won (8.6 billion U.S. dollars) in the third quarter, accounting for 64 percent of the company’s total profit. It was sharply up from 5.54 trillion won (4.7 billion U.S. dollars) tallied in the third quarter of last year.

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