Samsung Profit Climbs With Strong Chip Demand, Pricey Phones
- Foldable Z phone series have proven a success at home in Korea
- Semiconductor business has benefited from Covid-19 recovery
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Samsung Electronics Co.’s operating profit rose more than 25% thanks to rising prices for semiconductors and surprisingly strong demand for its pricey foldable smartphones.
South Korea’s largest company reported operating profit of 15.8 trillion won ($13.2 billion) in the three months ended September, in line with the 15.75 trillion won average of analyst estimates. Sales were 73 trillion won, compared with estimates of 73.5 trillion, according to preliminary results released Friday. Samsung will provide net income and divisional breakdowns when it releases final results on Oct 28.