Back in 2020, Samsung posted record revenue in the third quarter despite the pandemic being at its peak. This year, Samsung has broken records once again for the same period, reaching a whopping $63 billion revenue figure.
This is a 10% improvement over last year’s revenue, but that is not all as Samsung has also reported a 26% increase in profits. The profit figure grew to reach $13 billion in Q3 2021.
Despite the severe shortage of chips worldwide and the ongoing pandemic, Samsung’s chip business had an immense demand. The industry is shifting to work from home and that means people are buying more SSDs, CPUs, and RAM for servers.
Being one of the biggest chipmakers in the industry means that high prices for chips translate into high-profit figures, even if increased manufacturing costs cut into the profit. Sales for Samsung’s memory chip business rose by 46% compared to last year and profits for the semiconductor division doubled to reach $8.5 billion.
The company also saw an increased demand for its latest foldable phones, the Galaxy Z Flip 3 and Z Fold 3 as well as its mid-range and entry-level phones. The Galaxy Z Flip 3, in particular, boosted the sales for its foldable phones, since the new foldable is cheaper than ever.
Despite facing production issues for Apple’s iPhone 13’s displays, Samsung says that its earning rose significantly thanks to newly launched products by its customers.
As for the future, Samsung predicts that it will see even better results in Q4 this year thanks to increasing demand for OLED panels in the industry.