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FILE PHOTO: The logo of Samsung Electronics is seen on a dish washer at its store in Seoul

MONEY & BUSINESS:
Samsung Elec earnings likely at two-year high after Huawei chip orders, phone healing


SUBMIT PICTURE: The logo design of Samsung Electronic devices is seen on a meal washer at its shop in Seoul, South Korea, Aug. 27, 2020. REUTERS/Kim Hong-Ji/File Image

October 8, 2020

By Joyce Lee and Hyunjoo Jin

SEOUL (Reuters) – Samsung Electronic devices Co Ltd’s <005930.KS> third-quarter earnings most likely leapt 58% to its greatest in 2 years, beating quotes from experts who pinned the increase on smart device sales healing and a rush order of chips from Huawei Technologies Co Ltd.

The South Korean tech giant stated on Thursday operating earnings was most likely 12.3 trillion won ($10.6 billion) for the 3 months ended September. That compared to a Refinitiv SmartEstimate of 10.5 trillion won and would be the greatest considering that the 17.57 trillion won of the 3rd quarter of 2018.

Earnings most likely increased 6% from the exact same duration a year previously to 66 trillion won, the business stated.

Samsung launched just minimal information in Thursday’s regulative filing ahead of the release of in-depth profits figures later on this month.

“It seems Huawei’s impact on Samsung’s chip business was bigger than the market expected, and there was a big surprise in the smartphone and home appliance businesses,” stated CW Chung, head of research study at Nomura in Korea.

Samsung’s share rate increased 1.2% in early morning trade, exceeding the benchmark KOSPI’s <.KS11> 0.7% increase.

The company’s smart device deliveries leapt to around 80 million handsets from 54.2 million in the previous quarter after need rebounded from a contraction caused by the COVID-19 pandemic in the very first half of 2020, experts stated.

While weaker memory costs pushed Samsung’s total chip company, experts stated deliveries got an increase from orders for graphics chips for video games consoles along with orders for mobile chips, consisting of from Chinese smart device maker Huawei.

Huawei had actually been developing stockpiles prior to U.S. constraints from mid-September avoided it from purchasing chips used U.S. innovation without a license, market sources have actually stated.

Samsung’s house device company likewise most likely got a lift from the pandemic which stimulated customers to invest more on items that make their houses cleaner, experts stated.

(Reporting by Joyce Lee; Modifying by Richard Pullin and Christopher Cushing)

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Hmm. yes i understand the
question, you know it's been at least
15 years since I've been following the news, no 10 my folks do that, hmm. what was the question again !?
Excuse me! But can you remember
where you read about this ?
Are you kidding !?
of course I can, it was on
the website u.s.news.com
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