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Samsung made more money in Q3 2023 than in the previous quarter. The company expects to make even more money in 2024 and is investing in new technologies to stay ahead of the competition.
In a recent report of third-quarter results, which ended on September 30, 2023, the company reported solid Q3 results, with revenue up 12% from the previous quarter. It brings a sum of 67.40 trillion South Korean won (approx. over $50 billion) in total consolidated revenue.
Foldable products, — like the previously leaked Galaxy Z Flip 5 Retro Edition — are said to be the beacon of hope for the upcoming quarter.
Samsung says that overall demand for smartphones increased from the previous quarter, and Samsung’s MX Business (which includes smartphones and other mobile devices) had strong sales and profits, thanks to the launch of new flagship models and foldable devices.
Memory chip profits also jumped in the third quarter, compared to the second quarter. The company will also focus on selling high-value memory products and premium devices for the next quarter, like the HBM3 products.
Hoping to create a turning point in the market, the Display business will also promote the unique selling points of OLED displays to its key customers, who are releasing new products with OLED displays in the foldable smartphone, IT, automotive, and gaming segments.
The tech maker also says that it will continue to sell its new foldable products and the Galaxy S23 series during the holiday season, like the S23 FE version. For tablets and wearables, Samsung will focus on selling new premium products and working with partners to market them.