Employees walk past the logo of the Samsung Electronics Co. at its office in Seoul, South Korea,Tuesday, Oct. 31, 2023. Samsung Electronics on Tuesday reported its highest quarterly profit for the year and saw narrowed losses from its computer chip business amid a slow recovery in global demand.(AP Photo/Ahn Young-joon)

Samsung Electronics Reports Highest Quarterly Profit Amid Slow Global Demand Recovery

SEOUL, South Korea (AP) ÔÇö Samsung Electronics, one of the leading technology giants, announced on Tuesday its highest quarterly profit for the year. This remarkable achievement was fueled by a reduction in losses from its computer chip business, which has been steadily recovering amid a sluggish global demand.

The South Korean company is optimistic about the future and expects its business to continue improving in the coming months. Samsung anticipates increased demand for its DRAM chips due to the replacement cycles of personal computers and smartphones, as well as the growing popularity of artificial intelligence-based devices and services, which are driving the market.

The operating profit for the three months to September reached an impressive 2.43 trillion won ($1.8 billion). However, it still represents a significant decline of 77.6% compared to the same period last year. Samsung faced challenges in recent months due to weak memory chip prices and the global economic impact of RussiaÔÇÖs war on Ukraine. Additionally, the revenue for the last quarter dropped by 12.2% to 67.4 trillion won ($50 billion) compared to a year earlier.

Nevertheless, the losses from Samsung’s memory chip business improved from 4.36 trillion won ($3.2 billion) in the second quarter to 3.75 trillion won ($2.78 billion) for the July-September period.

The demand for high-end chips used in artificial intelligence technologies played a significant role in driving the improvements. Moreover, orders from PC and mobile device manufacturers, who had previously focused on reducing their chip inventory during a period of weak consumer spending, also contributed to the recovery.

Looking ahead, Samsung acknowledged the need to monitor various factors that can influence the server market, such as geopolitical issues and spending trends related to generative AI, which are tied to macroeconomic conditions. Nonetheless, the company remains optimistic about the gradual recovery of overall memory demand, thanks to the increasing demand for AI and the normalization of inventory levels at customers.

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