Samsung's quarterly profit surged
Good sign for upcoming Black Friday and Christmas sales...
-----------------------------------
Samsung's quarterly profit surged. The electronics maker saw
quarterly profits climb nearly 80%, boosted by sales of chips and TVs. Samsung's flagship smartphone business struggled as consumers favored devices other than the Galaxy S6. According to AFP, Samsung's quarter was helped by the weak Korean won, which is down 12% year-to-date versus the dollar. Shares of Samsung rallied almost 9% in South Korean trade.
The firm's TV business -- the world's largest -- also helped shore up the balance sheet in the third quarter, said Lee Seung-Woo, analyst at IBK Securities.
"With sluggish sales of Galaxy S6... the (semiconductor and TV) businesses were a major factor behind the surprise earnings," Lee said.
Third-quarter operating profit from the two business units are expected to increase by 500 billion won from the second quarter, said Choi Do-Yeon, an analyst at Kyobo Securities.