October 8, 2020 | technology | No Comments
Samsung Electronics flagged a leap of nearly 60 percent in third-quarter operating profits Thursday, as its mobile and chip business were boosted by US sanctions against its Chinese rival Huawei.
The South Korean tech giant said in an earnings estimate that it expected operating profit to reach 12.3 trillion won ($10.6 billion) for July to September, up from 7.8 trillion won in the same period last year.
The prediction would represent the firm’s biggest operating profit of any quarter for two years and was also ahead of analyst forecasts.
Samsung Electronics is crucial to South Korea’s economic health. It is the flagship subsidiary of the giant Samsung group, by far the largest of the family-controlled conglomerates known as chaebols that dominate business in the world’s 12th-largest economy.
Its overall turnover is equivalent to a fifth of the country’s gross domestic product.
James Kang, senior analyst at Euromonitor International Korea, said