Samsung profit jumps 59% on strong smartphone sales

Seoul: Samsung Electronics Co Ltd reported a 59 per cent rise in quarterly operating profit on Thursday as US restrictions on China’s Huawei Technologies Co Ltd boosted the South Korean tech giant’s phone and chip sales.

Operating profit rose to 12.35 trillion won (Dh40 billion) for the quarter ended September from 7.78 trillion won a year earlier, the world’s top maker of memory chips and smartphones said. That was in line with the company’s estimate of 12.3 trillion won earlier this month.

Net profit rose 49 per cent to 9.36 trillion won. Revenue climbed 8 per cent to 66.96 trillion won.