Samsung reaps smart phone profit
Samsung Electronics has reported a 26% jump in profit in the third quarter driven by strong smartphone sales and a recovery in its memory chip business. It made a net profit of 8.24 trillion won ($7.6bn) in the July-to-September quarter, up from 6.56tn won during the same period a year earlier. Operating profit rose to a record 10.2 trillion won during the quarter.
The firm said sales of smartphones, a key driver of its growth, are expected to rise further in coming months.
Samsung has posted record operating profit in six of the past seven quarters, mostly due to the growth of its smartphone division. Its growth in the sector has seen it become the world’s biggest smartphone maker.