Samsung reports 28% jump in profit despite supply chain woes

Samsung reports 28% jump in profit despite supply chain woes

28/10/2021 1:24:00 PM

Samsung reports 28% jump in profit despite supply chain woes

SEOUL: South Korean tech giant Samsung Electronics posted a 28 per cent jump in operating profit on Thursday (Oct 28) despite global supply chain challenges caused by the pandemic. The world\u0027s top chipmaker saw its operating profit reach 15.8 trillion won (US$13.5 billion) for the July-September period, it

SEOUL: South Korean tech giant Samsung Electronics posted a 28 per cent jump in operating profit on Thursday (Oct 28) despite global supply chain challenges caused by the pandemic.The world's top chipmaker saw its operating profit reach 15.8 trillion won (US$13.5 billion) for the July-September period, it said in a regulatory filing.

New Zealand plans lifetime ban on cigarette sales to stamp out smoking How will New Zealand's lifetime ban on cigarette sales work? Jimmy Lai among three Hong Kong activists convicted over Tiananmen vigil

Its sales rose 10 per cent year-on-year to a record 74 trillion won on the back of strong performance from its memory chip division thanks to sustained global demand."Favourable market conditions continued in the memory market" resulting in"robust sales", the company said in a statement.

Operating profits generated from its semiconductor business accounted for more than 60 per cent of the total, illustrating the major role the division plays to the sprawling group.While the coronavirus pandemic has wreaked havoc on the world economy, it has helped many tech companies boom. headtopics.com

Pandemic-driven working from home has boosted demand for devices powered by Samsung's chips, as well as home appliances such as televisions and washing machines.Consumer demand for high-end products such as foldable phones is also expected to further boost profits going into the holiday season, said Loo Wee Teck, global head of consumer electronics at Euromonitor.

"Its foldable phones will continue to be Samsung's halo product and a profit haven as there is nearly no competition ... as we move into the critical holiday season," he said.But the firm has acknowledged it would continue to be affected by supply shortages for memory chips, noting"a longer-than-expected component supply issue may need to be monitored".

Supply chain problems are hitting economic activity around the world, with companies facing shortages of key commodities, components and shipping capacity.Samsung Electronics is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world's 12th largest economy.

The conglomerate's overall turnover is equivalent to one-fifth of gross domestic product.Samsung Electronics shares were up 0.3 per cent in morning trade in Seoul.EXEMPLARY BEHAVIOURThe earnings report came two days after Lee Jae-yong, the firm's vice-chairman and the de facto leader of the wider-Samsung conglomerate, was convicted of illegally using the anaesthetic propofol and ordered to pay 70 million won in fines. headtopics.com

This Clip From Lion Mums 4 Is Going Viral For Showing How Mean People Can Be To Migrant Workers US House passes measure clamping down on products from China's Xinjiang region Cynthia Koh Is Famous In Greece Now! Star’s Sassy Response To Haters About Her Sexy Dress Makes Greek News

Lee was accused of having repeatedly taken the shots at a plastic surgery clinic in Seoul over several years, an act he said had"occurred due to my shortcomings" but insisted was for"medical purposes".But the judge urged him to"adopt exemplary behaviour that your children will not be embarrassed by" in a verdict read out to a court.

The ruling came three months after Lee walked out of prison on parole after having served just over half of a two and a half year sentence for bribery, embezzlement and other offences in connection with a corruption scandal that brought down ex-South Korean president Park Geun-hye.

The early release was seen as the latest example of South Korea freeing on economic grounds business leaders imprisoned for corruption or tax evasion.His return to management has eased concerns over decision-making at Samsung.But his legal woes are far from over.

The Samsung scion remains on trial on separate accusations of manipulating a takeover to smooth his succession at the top of the conglomerate - the same controversy over which he was said to have sought help from Park. Read more: CNA »

Forget the 5Cs, young S’poreans want to make a difference, create impact with their work: TODAY webinar panellists

SINGAPORE — Young Singaporeans are no longer aspiring for the “5C’s” of cash, car, credit card, condominium and country club membership that have come to define material success in Singapore. Instead, they are opting for experiences and growth opportunities in their jobs instead, panellists said during a TODAY

Brandon Lee's Fiancée Speaks Out 28 Years After His Death Following Fatal Shooting On Rust Set: “There’s No Such Thing As A Prop Gun”

Biden heads to G20 to talk energy prices, supply chain woesWASHINGTON: President Joe Biden, hoping to signal US re-engagement with allies after four years of Donald Trump's 'America First' policies, heads to a meeting of G20 leaders in Europe this week to discuss energy prices, the Iranian nuclear program and supply chain issues, US national security adviser Jake

Samsung says component supply issues to affect chip demand, profit hits 3-year highSEOUL :Samsung Electronics Co Ltd said on Thursday it expects component shortages to affect chip demand from some customers in the current quarter, after reporting its highest quarterly profit in three years.The warning comes as producers of goods from televisions to cars have faced a host of supply chain iss

Logitech expects supply chain pinch to continue - CEOZURICH : Logitech International Chief Executive Bracken Darrell expects logistics problems and component shortages to continue at least into early next year, he told Reuters on Tuesday.'This supply chain challenge will continue throughout the rest of this year,' said Darrell, referring to the mouse and ke

Samsung says component shortages to affect some chip demand, profit hits 3-year highSEOUL :Samsung Electronics Co Ltd said on Thursday it expects component shortages to affect chip demand from some customers in the current quarter, after reporting its highest quarterly profit in three years. 'A longer-than-expected component supply issue may need to be monitored due to potential impacts' on