Samsung said it likely made $10 billion in profit over the past three months. Analysts say it gained from US sanctions on Chinese rival Huawei.
Samsung said its third-quarter profit likely jumped 58% to the highest in two years, beating analysts' estimates.
Samsung gained from US sanctions against Huawei and dampened demand for Huawei phones outside of China, analysts said.Visit Business Insider's homepage for more storiesSamsung said Thursday that its third-quarter profit likely jumped 58% to more than $10 billion, the highest in two years, as US restrictions on China's Huawei boosted the South Korean tech giant's phone and chip sales.
The Chinese firm also hurried to order more chips from Samsung after Washington said it would choke its access to chips from mid-September. "It seems Huawei's impact on Samsung's chip business was bigger than the market expected, and there was a big surprise in the smartphone and home appliance businesses," said CW Chung, head of research at Nomura in Korea.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Instagram star @MrsDowJones shares an inside look at a day in her life - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Samsung says profits likely rose 58% in the third quarter, beating estimatesOperating profit for the quarter likely came in at 12.3 trillion Korean won (about $10.6 billion), Samsung said in its earnings guidance.
Read more »
Samsung likely to post 35% surge in third-quarter profit as smartphone sales recoverSamsung Electronics Co Ltd's September-quarter profit likely surged more than a third, fuelled by strong smartphone sales and a rush order of memory chips from Huawei Technologies Co Ltd, analysts said.
Read more »
Samsung likely to post 35% surge in third-quarter profit as smartphone sales recoverSamsung Electronics Co Ltd's September-quarter profit likely surged more than a third, fuelled by strong smartphone sales and a rush order of memory chips from Huawei Technologies Co Ltd [HWT.UL], analysts said.
Read more »
Nassim Nicholas Taleb to speak at the Business Insider Global Trends Festival 2020 - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »
Tesco pre-tax profit jumps 29% as UK online sales surge - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web.
Read more »