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Investing.com -- Samsung Electronics reported a 21% increase in third-quarter net profit as its semiconductor business rebounded strongly, driven by growing demand for AI chips.
After falling behind smaller chip-making rivals in supplying HBM3E products to Nvidia, Samsung is working to gain ground as companies compete to commercialize more advanced HBM4 products.
During an earnings call, Samsung executives stated the company was supplying its HBM3E products to all customers and offering HBM4 sample products for client testing.
"The company has been ready to mass produce HBM4 products for clients," said Jaejune Kim, executive vice president in charge of Samsung’s memory business.
Net profit reached 12.226 trillion won ($8.57 billion) for the quarter ended September, more than double the previous quarter’s figure and the highest since the fourth quarter of 2022. This exceeded analyst expectations of 9.796 trillion won.
Revenue increased 8.8% year-over-year to a record 86.062 trillion won, while operating profit rose 32% to 12.166 trillion won, reaching a three-year high. Both figures aligned with the company’s preliminary estimates.
The chip segment generated earnings of 7.0 trillion won, a significant jump from 400 billion won in the previous quarter and the highest since the second quarter of 2022.
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