Samsung’s net profit decreased by 38% in the quarter – Kommersant
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Samsung Electronics presented its financial report for the third quarter of the year. The data in it practically coincided with preliminary calculations, which were published company at the beginning of the month. Thus, the company’s revenue decreased by 12%, amounting to 67.4 trillion won ($49.9 billion), and operating profit fell by 78%, to 2.4 trillion won ($1.8 billion).
As follows from today’s report, the company’s net profit for the quarter amounted to 5.84 trillion won ($4.34 billion). This is 38% worse than in the same period last year. However, compared to the second quarter of this year, net profit more than tripled.
Samsung’s microchip division continues to incur losses due to excess production volumes. However, if in the first and second quarters of this year the losses of this division exceeded 4 trillion won, then in this quarter they amounted to 3.7 trillion won.
Back in April Samsung reported about plans to significantly reduce the production of memory chips. At the same time, the company, like analysts, expects demand for memory chips to recover in the fourth quarter and next year. At the same time, the company intends to increase the production of microchips necessary for the operation of neural networks and large computing centers.
After the publication of financial statements, shares of Samsung Electronics on the Korean Stock Exchange decreased by 0.6%. At the same time, the Korean stock index KOSPI is down 1.4% today.
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