Samsung Q3: Profits explode, but the stock isn’t buying it?
Samsung’s quarterly operating profit came in at 107.4 trillion won (about $80 billion), up 782.5% year over year. It topped 100 trillion won for the first time and set a new high for the fourth quarter in a row.
Revenue was 195 trillion won, below expectations of around 199 trillion; profit slightly beat expectations of 106.1 trillion. The profit margin was 55.1%. Yet the share price fell during the session.
The profits are in memory, not phones
The memory division is estimated to have earned around 110 trillion won—enough to cover losses in the other divisions. Losses in phones and home appliances are still widening, while the foundry business remains in the red. Shipments are constrained by capacity, with higher prices and a richer HBM mix lifting profits.
HBM shipments rose nearly 50% quarter over quarter. Conventional DRAM prices are still rising, but the pace has cooled from the explosive gains of Q2 to single digits or around 20%.
The market is trading the second derivative
The record results had largely been priced in. The revenue miss was read as “volume hasn’t picked up, and we’re in the latter half of the price-hike cycle.” With buybacks ending, ETF rebalancing, foreign investors taking profits, and U.S. Treasury yields adding pressure, it was a classic “sell the news” reaction.
Supply could remain tight through 2028, but the phase of prices rising another 50% every quarter is over.
Four things to watch at the late-October earnings call!
Q4 profit guidance, HBM4 mix and customers, whether phone losses narrow, and shareholder returns. If two of these beat expectations, the pullback could be a buying opportunity; if two fall short, it may be best to stay out for now.
Samsung is currently trading at $196.5.
First support zone: $194–198. If that breaks, watch $184–188, then $172.
Resistance: $208–213. A sustained break above that points to $224. The prior-high zone is $254–280, with a central target range of $239–299.
Buy on a pullback to support, or chase only after it gets above $213.
$SAMSUNG
#三星财报
Samsung’s quarterly operating profit came in at 107.4 trillion won (about $80 billion), up 782.5% year over year. It topped 100 trillion won for the first time and set a new high for the fourth quarter in a row.
Revenue was 195 trillion won, below expectations of around 199 trillion; profit slightly beat expectations of 106.1 trillion. The profit margin was 55.1%. Yet the share price fell during the session.
The profits are in memory, not phones
The memory division is estimated to have earned around 110 trillion won—enough to cover losses in the other divisions. Losses in phones and home appliances are still widening, while the foundry business remains in the red. Shipments are constrained by capacity, with higher prices and a richer HBM mix lifting profits.
HBM shipments rose nearly 50% quarter over quarter. Conventional DRAM prices are still rising, but the pace has cooled from the explosive gains of Q2 to single digits or around 20%.
The market is trading the second derivative
The record results had largely been priced in. The revenue miss was read as “volume hasn’t picked up, and we’re in the latter half of the price-hike cycle.” With buybacks ending, ETF rebalancing, foreign investors taking profits, and U.S. Treasury yields adding pressure, it was a classic “sell the news” reaction.
Supply could remain tight through 2028, but the phase of prices rising another 50% every quarter is over.
Four things to watch at the late-October earnings call!
Q4 profit guidance, HBM4 mix and customers, whether phone losses narrow, and shareholder returns. If two of these beat expectations, the pullback could be a buying opportunity; if two fall short, it may be best to stay out for now.
Samsung is currently trading at $196.5.
First support zone: $194–198. If that breaks, watch $184–188, then $172.
Resistance: $208–213. A sustained break above that points to $224. The prior-high zone is $254–280, with a central target range of $239–299.
Buy on a pullback to support, or chase only after it gets above $213.
$SAMSUNG
#三星财报