Samsung Electronics (005930.KS) on Tuesday flagged a gradual recovery in demand in 2024 after reporting its highest quarterly profit so far this year, as the battered memory chip market began showing signs of a rebound from a severe downturn.
A worker waters a flower bed next to the logo of Samsung Electronics during a media tour at Samsung Electronics' headquarters in Suwon, South Korea, June 13, 2023. REUTERS/Kim Hong-Ji/File Photoon Tuesday flagged a gradual recovery in demand in 2024 after reporting its highest quarterly profit so far this year, as the battered memory chip market began showing signs of a rebound from a severe downturn.
The South Korean technology giant said operating profit reached 2.4 trillion won in July-September. Revenue fell 12% to 67.4 trillion won. Manufacturers of smartphones and PCs grappling with weak consumer demand have gradually reduced chip inventories to levels low enough to resume purchases, signalling the end of an industry slump that began last year, analysts said.
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