It was a better-than-expected performance for South Korea's tech giant Samsung Electronics in the third quarter.... as rising sales of its brand-new smartphones helped boost its earnings... despite falling chip prices.
Yoon Jung-min reports.
Samsung Electronics saw its operating profits rise on-quarter in the third quarter,... though profits were sharply down from the same period last year.
According to its finalized earnings report on Thursday,... the South Korean tech giant posted operating profits of some 6-point-7 billion U.S. dollars in the July-to-September period.
That's down 56 percent on-year,... but up nearly 18 percent compared to the second quarter.
Sales amounted to some 53-billion dollars,... down more than 5 percent from a year ago, but up 10 percent from the previous quarter.
The company saw its operating profits decline on-year as its semiconductor business saw profits fall due to lower memory chip prices.
However,... overall profits picked up on-quarter thanks to increased sales of new gadgets.
Samsung's mobile communications business performed better than market expectations,... with its earnings jumping to more than 2-point-5 billion dollars on the back of the release of the Galaxy Note10 in August.
Samsung has also outdone its global rivals in 60 countries, particularly in Europe,... thanks to rising sales of its brand-new smartphone model.
Market watchers expect its latest release of foldable smartphones to contribute to the company's earnings for next year,... based on the expansion of 5G networks.
Yoon Jung-min, Arirang News.