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Image credit: Chesnot via Getty Images

Samsung collects record profits, again

It may have had more to do with the iPhone X than the Galaxy Note 8.
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Chesnot via Getty Images

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Last year at this time Samsung's profits suffered a blow due to exploding Galaxy Note 7s, but this year -- despite ongoing executive turmoil as it has appointed new presidents for three key divisions -- the product lineup is performing as expected. Not coincidentally, Samsung has announced it set a record high $12.91 billion operating profit for the third quarter (keeping the streak going), more than triple what it notched last year during the same period.

However, while the company called Galaxy Note 8 sales "strong" its mobile earnings actually declined as people opted for cheaper phones. The money is in Samsung's chips and displays, which go into things like servers as well as phones -- whether they're Samsung Galaxys or something else, like its OLED screens that are in the soon-to-debut iPhone X.

The three new incoming executives are:

  • Display
    • Kinam Kim joined the Company in 1981 and is an IEEE fellow and renowned authority in semiconductors, having served as the head of Samsung Advanced Institute of Technology; CEO of Samsung Display; head of the Memory, System LSI Businesses and until now was responsible for the overall semiconductor business.
  • Consumer Electronics
    • HS Kim is a leading expert in display products, having played a major role in the Company achieving the top position in global TV sales for the 11th consecutive year with numerous display technology breakthroughs.
  • Mobile:
    • DJ Koh has recently delivered solid results in the mobile business, having overseen the development of its flagship Galaxy smartphones with differentiated products and services, based on his vast experience as the previous head of mobile R&D.
Source: Samsung, (2)
Coverage: Bloomberg, Reuters
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