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Samsung expects nine-fold jump in quarterly profits on AI chip demand
Samsung forecasts operating profit of 107.4tn won for the three months to end-September, continuing record results for a fourth quarter.
Samsung Electronics expects operating profit for the three months to the end of September to rise to 107.4tn won, after forecasting a nine-fold surge versus the same period a year earlier, driven by demand for memory chips used in AI data centres, BBC Business reports.
The South Korean company said the projected profit increase would mark its fourth consecutive quarter of record earnings, reflecting the broader lift from AI-linked chip demand.
Samsung, a major memory chip maker along with SK Hynix and Micron, also expects additional support from its latest folding devices, launched in August, according to BBC Business.
The outlet also notes that semiconductor shortages have pushed up sales for chip makers, and that Samsung's stock valuation crossed $1tn earlier this year.