October 8, 2020 | technology | No Comments
(Bloomberg) — Samsung Electronics Co. reported earnings that beat analyst estimates after the South Korean tech giant’s mobile and chip businesses benefited from U.S. restrictions on Huawei Technologies Co.
The world’s largest manufacturer of memory chips and personal electronics posted operating income of 12.3 trillion won ($10.6 billion) in the three months ended September, beating the 10 trillion won average of estimates. Sales for the quarter were 66 trillion won, according to preliminary results released Thursday. The company didn’t provide net income or break out divisional performance, which it will report later this month when it releases final results.
Shares were up as much as 1.3% in Seoul on Thursday.
Huawei overtook Samsung to become the world’s largest smartphone maker in the second quarter, but the Korean giant is projected to regain the crown after its Chinese rival lost access to the most advanced components that go into