Samsung records US$7.6 billion net profit in Q3

Samsung has posted a rise in its quarterly profits of more than a 25 per cent, boosted by strong smartphone sales and a recovering memory chip business.

The company posted a net profit of KRW8.24 trillion (US$7.6 billion) for the three months to the end of September – of which KRW6.7 billion came from the smartphone division.

This marks the seventh consecutive quarter that Samsung has reported a rise in quarterly profits.

The underlying operating profit rose to KRW10.2 trillion, in line with the company’s estimates.

Samsung also posted a strong improvement at its memory chips division, which was partly boosted by higher prices due to supply shortages caused by a fire at a Chinese factory owned by SK Hynix.

Looking ahead, Samsung warned of low growth in smartphone sales, but said that tablet sales should continue to remain strong.