Seoul: South Korean tech giant Samsung Electronics today posted a 77.8% increase in profit for the third quarter of 2024 compared to the previous year (2023). The company’s operating profit surged by 277.4%, while quarterly sales rose by 17.4%.

According to Oman News Agency, for the third quarter, Samsung’s net income attributable to shareholders reached 9.78 trillion Korean won ($7.0 billion), up from 5.50 trillion won in the same period last year. Operating profit climbed to 9.18 trillion won, up from 2.43 trillion won the previous year. Sales for the quarter increased to 79.10 trillion won from 67.40 trillion won last year.

Samsung expects that while demand for memory products in the mobile and PC segments may soften, growth in artificial intelligence (AI) will support demand in other areas. In this context, Samsung plans to concentrate on driving sales of High Bandwidth Memory (HBM) and high-density products.

According to the company, the Foundry Business aims to increase order volumes by enhancing adv
anced process technologies. Samsung Display Corporation expects the demand of flagship products from major customers to continue, while maintaining a quite conservative outlook on its performance, the firm said.

The Device eXperience Division will continue to focus on premium products, the company said, adding that sales are expected to decline slightly compared to the previous quarter. For 2025, the company will remain focused on enhancing competitiveness in advanced technologies and strengthening leadership in premium products and AI capabilities amid ongoing macroeconomic uncertainties.