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Solid sales of Galaxy Note10 and display panels boosted Samsung's Q3 profits

By Cookie Monster - on 2 Nov 2019, 1:00am

Solid sales of Galaxy Note10 and display panels boosted Samsung's Q3 profits

The Samsung Galaxy Note10 series.

Samsung just announced its third quarter earnings where profits dropped significantly from a year ago, but improved from the previous quarter. 

This is attributed to stellar sales of its smartphones and display panels although continued weakness in the memory chip market weigh down its financial earnings. Samsung states that strong sales of the Galaxy Note10 and Galaxy A series along with improved margins for mass-market models contributed to the better earnings.

Its display panel unit also saw profits from mobile screens increase year-on-year with solid sales of OLED panels, improved capacity utilisation and reduced costs. It’s a different story for its memory chip business; earnings continue to decline year on year due to the downward trend of memory chip prices in a weakening global market. 

For the next quarter, Samsung predicts mobile displays to report weaker results as demand is likely to fall short of initial expectations for certain premium smartphones and costs increase due to lower utilisation in some production lines. Samsung is counting on more 5G products and foldable devices in 2020. The logic chip business should have accelerated growth as it expands mass production of the next generation extreme ultraviolet lithography based products. 

Source: Samsung