Samsung Beats Estimates as Demand Picks Up for Note, IPhone
- Operating profit declines more than 50% from a year earlier
- Memory chip prices have dropped as growth in demand slowed
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Samsung Electronics Co. posted earnings that handily beat analyst estimates as stronger smartphone demand offset price declines in the memory chip business.
Operating income was 7.7 trillion won ($6.4 billion) in the three months ended September, compared with the 6.97 trillion won analysts had forecast, according to estimates compiled by Bloomberg. Still, that is a profit decline of more than 50% for the Suwon, South Korea-based company.