According to DRAMeXchange, a research division of TrendForce, the Q3 worldwide DRAM revenues showed a 9% QoQ increase despite the price growth in 3Q13 being slower than that of 1H13. The Q3 revenue growth is mostly attributable to the improvements in the structure of the DRAM industry, and is likely to enable various DRAM vendors to sustain their profitability. On average, all three of the biggest DRAM manufacturers were able to enjoy an estimated 2% QoQ increase in their operating margins, with the output of PC DRAM being a key differentiating factor.