Tags: APFN | AS | SKorea | Earns | Samsung Electronics

Samsung Reports 3rd-quarter Profit Surge on Demand for Chips

Wednesday, 31 October 2018 01:39 AM

SEOUL, South Korea (AP) — Samsung Electronics Co. has posted record operating profit for the last quarter with robust demand for its mainstay memory chips compensating for a slowdown in its smartphone business.

The South Korean technology giant on Wednesday said its operating profit during the July-September quarter grew at nearly a 21 percent annual pace to 17.6 trillion won ($15.4 billion).

Samsung's previous high in quarterly profit was the 15.6 trillion won it posted during the first quarter.

Third-quarter sales grew 5.5 percent year-on-year to reach 65.4 trillion won ($57 billion) while net income rose 17.5 percent to reach 13.1 trillion won ($11.5 billion).

Samsung says the operating profit of its chips division rose 37 percent year-on-year to 13.65 trillion won ($11.9 billion) thanks to strong demand generated by mobile devices and servers.

© Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.


   
1Like our page
2Share
GlobalTalk
Samsung Electronics Co. has posted record operating profit for the last quarter with robust demand for its mainstay memory chips compensating for a slowdown in its smartphone business.The South Korean technology giant on Wednesday said its operating profit during the...
APFN,AS,SKorea,Earns,Samsung Electronics
133
2018-39-31
Wednesday, 31 October 2018 01:39 AM
Newsmax Media, Inc.
 
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
© Newsmax Media, Inc.
All Rights Reserved