Samsung Says Chip Recovery Is Taking Hold After Profit Beat
- Net income was more than twice what analysts estimated
- Company is stepping up spending on advanced chipmaking tech
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Samsung Electronics Co. predicted the long-depressed memory chip market is heading for recovery, after reporting profit for the third quarter well ahead of analyst estimates.
The South Korean giant’s net income totaled 5.5 trillion won ($4.1 billion) in the September quarter, more than double expectations of 2.52 trillion won, according to data compiled by Bloomberg. A significant chunk of the profit, 1.9 trillion won, came from a one-time income tax gain.