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Samsung profits spike thanks to chip crisis
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Samsung has announced its highest profits in three years thanks to ongoing high demand for chips.
The South Korean tech giant made 73.98 trillion won (about £46 billion or $63 billion) in the third quarter of 2021, which marks a record for the company. Its profits spiked 26 percent compared to the same time last year.
It doesn’t take a genius to figure out whySamsung is reportingthat it’s in such rude health right now. The global chip shortage, combined with economies grinding into life again amidst the COVID-19 pandemic, has meant that demand is sky high. As the world’s largest chipmaker, Samsung is reaping the profits.
The company did sound a note of caution about ongoing shortages in 2022, as well as rising raw material costs and weaker home appliance sales.
Of course, Samsung is also in the business of making smartphones, and business is good. The company continues to be the top phone maker in the world, and demand for the newSamsung Galaxy Z Flip 3andSamsung Galaxy Z Fold 3has been strong. It’s worth noting that the latter is pretty much the most expensive mainstream phone on the market right now.
Those are the headline acts, but Samsung also turns out lots of entry-level and mid-range smartphones, and demand for those has reportedly been strong too.
The third major string to Samsung’s bow is the fact that it’s by far the dominant producer of OLED display technology. With the recent launch of Apple’siPhone 13range – all packing Samsung OLED displays – business has been pretty great on that front too.
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Jon is a seasoned freelance writer who started covering games and apps in 2007 before expanding into smartphones and consumer tech, dabbling in lifestyle and media coverage along the way. Besides bein…
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Founded in 2003, Trusted Reviews exists to give our readers thorough, unbiased and independent advice on what to buy.
Today, we have millions of users a month from around the world, and assess more than 1,000 products a year.
Editorial independence means being able to give an unbiased verdict about a product or company, with the avoidance of conflicts of interest. To ensure this is possible, every member of the editorial staff follows a clear code of conduct.
We also expect our journalists to follow clear ethical standards in their work. Our staff members must strive for honesty and accuracy in everything they do. We follow the IPSO Editors’ code of practice to underpin these standards.
