Samsung’s Business Moving in the Right Direction; Quarterly Profits Surpass Estimates
For the very first time in the last two years, Samsung Electronics' business is taking the right turn and generating big revenue. It's mainly due to the strong semiconductor and display businesses of the company.
The South Korean company that makes the Galaxy-series of handsets and tablets posted its quarterly revenue that touched $45 billion or 51.68 trillion Korean won which is 8.9 percent increase on a year on year basis. The profits followed the lines of its guidance.
The profits surpassed earlier estimates of 7.39 trillion won or $6.45 billion, with a striking jump of eighty two percent.
Shares of Samsung also soared touching almost its six-month high with a climb of 2.3 percent at 0210 GMT.
In a statement Samsung said, "In the fourth quarter, the company expects earnings to decline from the earlier quarter, as it does not expect the foreign exchange rate to have a positive effect."
The company's semiconductor business makes chips for few of the largest competitors which include Apple. Just some time back Samsung split Apple's A9 chip processor contract with Taiwan Semiconductor Manufacturing Company. These chips are used in Apple's, iPhone 6S and 6S Plus.