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Samsung Electronics and LG report record high sales in Q3 Updated: 2021-10-28 17:02:20 KST

Samsung Electronics has reported strong third-quarter earnings.
According to the company on Thursday, sales topped 63 billion U.S. dollars in the July to September period, up more than 10 percent from a year earlier.
The figure is the best-ever sales result for the tech giant.
It also recorded a third-quarter operating profit of 13.5 billion dollars, up 28 percent on-year.
This marks its second highest operating profit following the third quarter of 2018 during the so-called "super-cycle" when chip makers benefited from price hikes on rising demand.
The strong performance was largely driven by its semiconductor business, which recorded an operating profit of 8.6 billion dollars.
That's 64 percent of the company's total operating profit in the third quarter.
This comes as the price of memory chips, such as DRAM, peaked and sales in the non-memory chip and foundry sector saw increased profitability.
But, some industry watchers say that the gains from the chip industry boom may not continue in the fourth quarter.

"Since shipments of semiconductors are likely to slow down and some DRAM prices are likely to fall, profits will drop for the time being after the peak of the third-quarter earnings."

Its latest foldable phones, the Galaxy Z Fold3 and Galaxy Z Flip3, also played a part in leading the solid earnings and so have sales of Samsung's small and mid-sized OLED panels.
Meanwhile, LG Electronics also announced its third-quarter earnings on Thursday afternoon.
Sales jumped 22 percent on-year to 16 billion U.S. dollars its highest figure for any quarter.
But its operating profit stood at 460 million dollars, down nearly 50 percent from a year earlier.
The significant drop comes as the company has set aside 400 million dollars to cover its costs for the recall of General Motors' Chevrolet Bolt electric vehicles.
Despite a low operating profit, robust demand for premium home appliances and TV sales led to strong earnings.
Sales of home appliances exceeded 6 billion dollars, while TV sales surpassed 3 billion.
With the latest figures, LG Electronics has outstripped its U.S. rival Whirlpool in home appliance sales for three consecutive quarters, becoming the top brand in the sector.
Min Suk-hyen, Arirang News.
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