What They Say
Samsung, LG & Apple all released their financials.
- Samsung’s revenue was 10% up on last year to $62.8 billion, while profit was up 26% on Q2, to the second best ever at $13.4 billion. CE saw profit declines from increased raw material and logistics cost
- Apple saw record revenues of $83.4 billion, up 29% year on year yielding $20.5 billion of net income, almost double last year’s profit and bringing its profit for its fiscal year $94.7 billion on sales of $366 billion
- LG Electronics saw its results go the other way with profits down from $551 million last year to $438 after providing for the costs of the Chevy Bolt EV recall. Sales, though were up from $13 billion last year to $16 billion this time.
What We Think
Despite supply chain challenges, it’s not a bad time to be in the high tech business! Apple’s result was down from what some hoped and its market cap slipped slightly, while Microsoft rose to go slightly past the Cupertino firm. (BR)
