Samsung Electronics has flagged nearly a 60 percent jump in operating profits in the third quarter of the year.
The South Korean tech giant experienced a boost in its mobile and chip businesses after one of its biggest rivals, Chinese company Huawei, experienced major woes after the sanctions imposed by the United States.
Samsung expected its operating profit from July to September to reach KRW12.3 trillion (around Php517.7 billion), from the KRW7.8 trillion from the same quarter last year.
This prediction will be Samsung’s biggest operating profit in any quarter for two years and is also better than the forecasts from analysts.
Samsung Electronics is the flagship subsidiary of the Samsung group, and its success is crucial to South Korea’s economy as it’s the largest family-controlled conglomerate in the country.
Euromonitor International Korea analyst, James Kang, stated that the new Galaxy Note 20 series and Galaxy Z Fold 2, partnered with high sales of their midrange devices, are one of the key factors that drove Samsung’s third-quarter performance.