The company’s profits were impacted by the larger marketing outlays it made for its foldable line. Strong demand for Samsung’s phones also led its display business to deliver $7.5 billion in revenue. Earnings for the display segment were helped by strong demand for small to medium OLED panels. Demand for larger-sized displays was sluggish.
Samsung is optimistic about Q4 and 2022 results, but cannot estimate results for the chip business because of the supply issues in that market. For the fourth quarter, the company expects to report higher earnings “due to expanded supply of SoCs and related products for launches of new 5G smartphones in 2022.”
The company expects that the Galaxy S22 series will be its first flagship series of the new year with the Galaxy S22, Galaxy S22+, and the Galaxy S22 Ultra kicking off 2022 in January. Meanwhile, investors were happy with the report as the shares soared 2.28% on Wednesday (or $1.45 USD) to $61.22.