Samsung Electronics reported operating profit for the third quarter was 28% higher than a year ago at 15.8 trillion Korean won, according to a press release by Samsung on Friday.
- That figure is set to be the South Korean semiconductor giant’s best quarterly profit in three years since Q3 of 2018, when Samsung recorded a profit of over 17.5 trillion won.
- Samsung shares edged up over 1% in early trade but lost those gains to close at 0.14% lower. The shares are down over 11% year-to-date.
- Consolidated sales for the third quarter rose to a record high of 73 trillion won, 9% higher from a year ago.
- The South Korean tech giant did not detail how each business segment performed. But operations have been affected by a global chip shortage and COVID-19 that led to the closure of some of its factories.
Chip shortage is starting to affect the smartphone industry, with Samsung and Apple having so far been protected from the crisis by stockpiling critical components. Samsung Electronics down -0.14%