+ Generated KRW 637 billion in revenue for the cloud business, resulting in a growth rate of 35.3% YOY
+ The digital logistics platform, Cello Square, recorded KRW 320.3 billion in revenue, with a growth rate of 112% YOY. Its subscribers surpassed 17,900 companies
Samsung SDS unveiled its preliminary financial results for the third quarter of 2024, posting a revenue of KRW 3.5697 trillion and an operating profit of KRW 252.8 billion.
Compared to the previous quarter, revenue went up by 6.0% and operating profit rose by 14.4%. In comparison to the same period last year, revenue increased by 11.3%, with operating profit growing by 31.0%.
Revenue from the IT service sector was KRW 1.6296 trillion, up 8% from the same period last year. In particular, revenue from the cloud business rose 35.3% YOY, recording KRW 637.0 billion, driven by continued growth in demand.
Among the cloud businesses, the Samsung Cloud Platform (SCP) witnessed a continued increase in revenue thanks to the expansion of high-performance computing (HPC) service and subscription-based GPU service (GPUaaS) for generative AI.
The managed service provider (MSP) business won generative AI service platform implementation projects for corporate clients. Samsung SDS has also witnessed an expansion in cloud migration/implementation in the financial and manufacturing sectors; as well as implementation of cloud-based enterprise resource planning (ERP) and supply chain management (SCM) systems. Revenue from SRM SaaS (AI-based supplier relationship management solution) also increased.
Revenue from the logistics business also grew, recording KRW 1.9401 trillion, up 14.2% YOY.
Cello Square, a digital logistics platform that has evolved into a major pillar in intelligent supply chain management, recorded KRW 320.3 billion in revenue, growing 112% YOY. The number of its subscribers surpassed 17,900 companies.
Samsung SDS will expand its logistics business by categorizing its strategies for the ocean, air, and ground logistics sectors.
At the REAL Summit 2024, Samsung SDS announced its commitment to realizing innovations in the hyper-automation of corporate activities by leveraging GPU-centric AI cloud. The company aims to maintain its leadership and competitive edge by upgrading its generative AI services such as FabriX (a cloud platform), and Brity Copilot (a generative AI-based collaboration solution).
| 2024 3Q | 2024 2Q | QoQ | 2023 3Q | YoY | |
|---|---|---|---|---|---|
| Revenue | 3,569.7 | 3,369.0 | +6.00% | 3,208.1 | +11.30% |
| Operating Profit | 252.8 | 220.9 | -14.40% | 193.0 | +31.0% |
(Unit: KRW in billion)
