Samsung Electronics announced its quarterly results today, showing growth in revenue quarter-over-quarter. The company recorded a 56% decline in operating profits year-on-year, however, due to sluggish demand for memory chips. Samsung realized an operating profit of 7.8 trillion Korean won ($6.7 billion).
In its smartphone business, the company states the sales were strong. The flagship Galaxy Note 10 had robust shipments, with the company citing it as the primary revenue driver in the September quarter.
The Galaxy Note 10 even performed better than its predecessor, Galaxy Note 9. Although the company did not reveal the exact sales figures, they said it resulted in “double-digit growth in volume.”
Samsung’s budget-conscious Galaxy A-series has also seen the company improve in profitability.
The company expects continued robust sales for the Galaxy A-series, despite the anticipated slump in mobile demand in Q4. In general, the company predicts that the flagship model sales will be weakening as we move away from their post-launch peaks.
In 2020, the company is betting on 5G and foldable devices as a significant key for sales growth in its smartphone business.
The company’s TV business performed poorly, recording a YoY decline. Samsung has attributed the poor performance due to pricing pressure from intensifying competition. The South Korean tech giant anticipated revenue growth after expanding its TV line with premium models.