Samsung Electronics Flags 58.1% Jump In Q3 Operating Profit

Samsung Electronics is crucial to South Korea's economic health


AFP October 08, 2020

Samsung Electronics flagged a nearly 60 per cent rise in third-quarter operating profits Thursday, largely driven by strong smartphone sales boosted by US sanctions against its rival Huawei.

The South Korean tech giant said in an earnings estimate that it expected operating profit to be $10.6 billion for July to September, up from 7.8 trillion won in the same period last year.

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The prediction was in line with analyst forecasts.

Samsung was projected to post around $8.9 billion in third-quarter operating profit, according to market researcher FnGuide.

Samsung Electronics is crucial to South Korea's economic health.

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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.

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