Samsung estimates quarterly operating profit at 107.4 trillion won — CNBC

South Korea’s Samsung Electronics has preliminarily estimated its third-quarter operating profit at 107.4 trillion won, or about $80.2 billion. This is the first time in the company’s history that quarterly operating profit, according to its estimate, has exceeded 100 trillion won.

Record preliminary result

As CNBC reports, the increase was driven by strong demand for memory used in artificial intelligence infrastructure. Samsung is the world’s largest manufacturer of memory chips.

In the second quarter, the company reported record revenue of 171.5 trillion won and record operating profit of 89.5 trillion won. At that time, the financial results were also driven by the performance of its memory division.

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Investments in artificial intelligence

Samsung is increasing investments and partnerships related to artificial intelligence. In September, the company announced a strategic partnership with French startup Mistral AI. It provides for the use of the startup’s artificial intelligence models in Samsung’s semiconductor operations.

Samsung plans to publish its full third-quarter report, with a breakdown of figures by business division, later this month.