Samsung forecasts record third-quarter profit of $80 billion as AI boom fuels chip demand
Samsung Electronics reported preliminary third-quarter earnings on Thursday, with operating profit forecast to top 100 trillion won for the first time.
TL;DR
- Samsung Electronics reported preliminary Q3 operating profit of 107.40 trillion won ($80.2 billion), surpassing 100 trillion won for the first time.
- Projected quarterly operating profit increased 782% year-over-year, with revenue up nearly 127%.
- Booming demand for artificial intelligence is fueling the company's chips business.
- Despite record profit, Samsung shares dropped, reflecting high market expectations.
- Samsung announced a strategic partnership with AI startup Mistral AI in September.
- The company's previous quarter (Q2) also saw record revenue and operating profit driven by its memory business.