Oct 8, 2021

Latest news updates: Global chip shortage boosts Samsung Electronics to record sales

Global chip shortage boosts Samsung Electronics to record salesSong Jung-a in Seoul. Samsung Electronics estimated that its third-quarter operating profit jumped 28 per cent to its highest level in three years on record sales, driven by higher memory chip prices and the popularity of its new foldable smartphones. Sales rose 9 per cent to a record high of Won73tn amid the prolonged chip shortage sparked by surging demand for electronics products during the Covid lockdown. The non-memory chip crunch has boosted profits at the foundry business of the South Korean company, which is planning to invest $17bn in a new US plant for contract chip manufacturing. Samsung shares have fallen more than 20 per cent from a January peak on heavy foreign selling sparked by concern over whether the memory industry is entering a prolonged downturn.

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