Peer pressure might be a good thing for Samsung Electronics . The $350 billion conglomerate’s 51% rise in quarterly operating profit underscores its dependence on memory chips. Local competitors Hyundai , SK and LG are moving faster to capitalise on new markets. Maybe that’ll be a call to action.
to expand in Indonesia. Similarly sprawling SK group floated its biotech business, which developed South Korea’s first experimental Covid-19 vaccine. Hyundai is racing ahead in electric vehicles, ambitiously targeting 7% of the global market by 2030 from less than 3% last year, as estimated by Bernstein analysts.from prison last August, the Samsung group unveiled plans to spend $190 billion over three years in contract chip-making, biopharmaceuticals, robotics and beyond.
- Operating profit from its semiconductor business, which includes memory chips and contract chipmaking, jumped 151% from the same three-month span in 2021, to 8.5 trillion won. The sum accounted for 60% of the company's total operating profit.Editing by Jeffrey Goldfarb and Thomas ShumOpinions expressed are those of the author. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.
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