Samsung's third-quarter profit more than doubles, beating estimates as chip recovery gathers pace

Core Insights - Samsung Electronics reported a significant rebound in earnings, with operating profit more than doubling from the previous quarter, primarily due to a recovery in its chip business [1][2] - The company's quarterly revenue increased by 8.85% year-over-year, while operating profit climbed 32.9% compared to the same period last year [1] - The third-quarter results exceeded Samsung's own guidance of approximately 12.1 trillion Korean won for operating profit [3] Financial Performance - Samsung's third-quarter revenue reached 86.1 trillion Korean won, slightly above the expected 85.93 trillion won [4] - Operating profit for the quarter was reported at 12.2 trillion won, compared to the previous quarter's 11.25 trillion won [4] - Compared to the June quarter, operating profit surged by 160%, and revenue increased by 15.5% [2] Chip Business Highlights - The chip business experienced a 19% increase in sales from the June quarter, with the memory segment achieving an all-time high for quarterly sales [3] - Strong demand from artificial intelligence applications significantly contributed to the growth in the memory business [3]