Samsung Electronics says Q3 operating profits down 77.57%

The company, which is one of the world's largest makers of electronic chips, announced third-quarter operating profits of "2.4 trillion won based on strong sales of flagship models in mobile and strong demand for displays".Although down sharply from 2022, the company's third-quarter profit was well above the first quarter's 640 billion won -- the lowest since 2009 -- and the second quarter's 670 billion won.

Meanwhile, revenue from its Networks Business "declined in major overseas markets as mobile operators scaled back investments." Liz Lee, associate director of market research firm Counterpoint, said the earnings results were "better than expected." Demand swelled during the pandemic as consumers bought computers and smartphones during lockdowns, prompting chipmakers to ramp up production.

The Tuesday earnings come weeks after the United States granted an exemption to Samsung and its South Korean rival SK Hynix to acquire US-made chips production equipment for its China-based factories. Union Bank of the Philippines will drop the Citi brand by the first quarter of next year after completing the P72-billion...

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