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Samsung Q3 Net Profit Leaps Almost Half After Huawei Boost

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Key Points

  • Samsung Electronics’ net profit jumped by almost half in the third quarter, it reported Thursday, as its mobile and chip businesses were boosted by US sanctions against its Chinese rival Huawei.
  • The firm’s memory business also benefited from the feud after Huawei rushed to stock up on Samsung-made semiconductors before the US restrictions kicked in. 
  • Samsung is the world’s biggest manufacturer of memory chips and led the DRAM market with a 43.5-percent share in April-June, according to market researcher TrendForce.
  • Visit The Financial Today’s homepage for more stories.

SEOUL — Samsung Electronics’ net profit jumped by almost half in the third quarter, it reported Thursday, as its mobile and chip businesses were boosted by US sanctions against its Chinese rival Huawei.

The world’s biggest memory chip maker said profits in the July-to-September period were up 48.8 percent year-on-year to 9.36 trillion won ($8.3 billion), beating expectations according to Bloomberg News.

The firm is the flagship subsidiary of the giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in the world’s 12th largest economy, and it is crucial to South Korea’s economic health.

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