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Samsung Ends Lower in Seoul Despite Forecasted 28% Rise in Operating Profit By Investing.com

by Mike Robinson

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© Reuters.

By Dhirendra Tripathi

Investing.com – Samsung Electronics (OTC:) stock (KS:) closed 0.1% lower in Seoul Friday even as the consumer electronics giant said its third-quarter operating profit will rise 28% and sales 9% year-on-year.

South Korean companies expect third quarter consolidated operating profits to reach approximately 15.8 trillion Korean won, or around $13.2 billion. Consolidated sales will be about 73 trillion Korean won.

Samsung is the world’s largest maker of DRAM and NAND chips and counts Qualcomm (NASDAQ:) and AMD (NASDAQ:) among its clients.

NAND chips provide data storage and are found in smartphones, USB flash drives, and digital cameras. While DRAM chips store temporary information and can be used in servers, computers and phones as well as smartphones, tablets, and laptops with a lot of computing power, the DRAM chip is used for data storage.

The last chipmaker crisis saw a record number of people, corporates and companies move to work from home. The demand for mobiles, printers, and laptops has increased like never before. That demand is still robust as most of the devices are now a ‘must-have,’ particularly devices like printers and scanners.  

The chipmakers announced huge investments in production and now there is concern that there will be an oversupply of chips on the market.

 

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