It’s October 11 and Samsung has disclosed its provisional earnings which show better-than-expected profit in Q3 2023 and a hope for chip recovery. Though there has been a downfall of 78%, the tech giant somehow managed to earn the best quarterly profit so far this year.
Earlier, we reported that Samsung is likely to see a drop of 80% in its Q3 2023 profit due to chip recovery issues in the global market. Despite these struggles, the company came out with flying colors. At the same time, the latest provisional earnings report raises hopes for a settlement in the chip-related troubles.
It is worth mentioning that the report shows losses of 4.58 trillion won and 4.36 trillion in its chip business in the first and second quarters respectively. This is so because the memory chip prices decreased and its inventory values were slashed.
However, the tech giant focused on more profitable, higher-end chips such as DRAM chips used in AI, while proceeding with cutbacks of older legacy chipsets.
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