Samsung posts record profit in Q3 on AI chip boom
The company said it will pay 30 trillion won (S$28.82 billion) in dividends for the third quarter.
Samsung Electronics reported a record operating profit of 107.4 trillion won, or S$103.17 billion, for the third quarter of 2023, marking a nearly ninefold increase from the previous year. The surge in profit was largely attributed to robust demand for artificial intelligence (AI) chips. Despite the impressive numbers, investors remained cautious about the sustainability of spending on AI technologies.
SK Hynix, Samsung's cross-town rival, also disclosed strong earnings and a positive outlook on Oct 28, which helped alleviate concerns about potential waning momentum in AI-driven chip earnings. Both companies' upbeat financial performance contributed to a rise in their stock prices. Samsung Electronics further disclosed plans to pay 30 trillion won in dividends for the quarter ending in September, equivalent to 4,601 won per share.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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