Samsung SDS Q3 OP jumps 31% on robust cloud service demand

(Yonhap)

Samsung SDS Co. announced on Wednesday that its third-quarter operating profit soared 31 percent to 252.8 billion won ($182 million) from last year, thanks to strong demand for its cloud services.

Sales stood at 3.57 trillion won in the third quarter, up 11.3 percent from the same period a year ago. Net profit jumped 5.2 percent to 185.8 billion won.

Its information technology (IT) service business saw sales rise by 8 percent to 1.6 trillion won during the cited period.

Its cloud business, in particular, raised 637 billion won in sales in the third quarter, up 35.3 percent from the same period a year ago, on the back of steady demand.

Samsung SDS said that the cloud business’s growth came on the expansion of GPU-as-a-Service (GPUaaS) subscriptions for high-performance computing (HPC) and generative AI applications.

Its logistics business saw its sales increase by 14.2 percent to 1.9 trillion won in the third quarter.