Samsung Electronics reported on Thursday a significant rebound in earnings, recording an operating profit of approximately 8.54 billion dollars in the third fiscal quarter, more than double that of the previous quarter.

Samsung reported quarterly revenues of 86.1 trillion won (approximately 60.3 billion dollars), marking an 8.85% increase compared to the previous year. Operating profit rose by 32.9%, reflecting a recovery after a previous quarter affected by a decline in the chip business. Compared to the quarter ending in June, operating profit increased by 160%, and revenues by 15.5%. The Device Solutions division, responsible for chips, generated record revenues of 33.1 trillion won (approximately 23.2 billion dollars), due to strong demand for memory chips used in artificial intelligence. Operating profit from this division was 7 trillion won (approximately 4.9 billion dollars), up from 3.86 trillion won (approximately 2.7 billion dollars) last year. Recently, Samsung regained its position as the leader in the global memory market, dethroning SK Hynix, after passing Nvidia's qualification tests for an advanced HBM memory product.