Samsung Electronics shares slid despite record profit in the third-quarter
Executive Brief • Key Highlights
Fast factual intelligence distilled for busy investors, executives, and answer bots:
- ✓Samsung Electronics shares fell 5% on Thursday despite reporting record third-quarter profit.
- ✓The tech giant saw operating profit rise 783.11% from a year earlier, driven by strong demand for AI memory chips.
- ✓Samsung said it became the first global technology company to top 100 trillion won in quarterly operating profit.
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- MARKET
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- CNBC
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- India Economy
South Korean tech giant Samsung Electronics on Thursday reported third-quarter operating profit that is broadly in line with analysts' expectations, as demand for advanced memory chips used in artificial intelligence applications continued to grow.
Following the announcement, Samsung shares were trading 5% lower.
The company plans to increase sales of advanced memory chips used in AI applications and secure long-term contracts to meet growing demand.
Here are Samsung's third-quarter results compared with LSEG SmartEstimates, which are weighted toward forecasts from analysts who are more consistently accurate:
Revenue: 195.25 trillion won ($124 billion) vs. 195.79 trillion won expected
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