Samsung Electronics Co., Ltd. (KRX:005930) has reported that their operating profits for the quarter has hit a record for the July-September quarter. This was largely driven by the high demand for their smartphones. Revenues were also driven by cheaper mid-range smartphones in developing countries.
Samsung’s third quarter operating income went up 25% compared to a year earlier at 10.1 trillion won ($9.4 billion). Financial data provider FactSet was expecting Samsung to hit $9.3 billion so they beat expectations.
Samsung’s third quarter sales went up 13% to a record high of 59 trillion won ($55 billion). Samsung did not say what the net income was. The full results will be disclosed later this month.
[Source: Huffington Post]