Samsung Electronics flagged slightly better than expected third quarter profit on Tuesday, helped by strong sales of its new Galaxy Note 10 smartphone series even as a slump in its memory chip business continued to weigh on earnings. In a regulatory filing ahead of detailed earnings due later this month, the South Korean tech giant said operating profit for the July to September quarter would likely tumble 56 percent to KRW 7.7 trillion ($6.44 billion). That was slightly better than the KRW 7.1 trillion forecast by Refinitiv SmartEstimate data, thanks to sales of the Galaxy 10 series both at home and in Europe since its launch on August 23. Samsung, the world’s largest smartphone maker, said it has sold more than 1 million of the 5G handsets in South Korea, making it the company’s fastest-selling flagship model at home. Analysts said that Samsung benefited from US sanctions on Huawei Technologies that effectively bar US firms from supplying its Chinese rival. Huawei new Mate 30 smartphones are being shipped to Europe this month, but the sanctions mean the product lacks access to a licensed version of US Google’s Android operating system, as well as mobile services that include its Play Store and popular apps like Gmail, YouTube, or Maps. “Samsung… Read full this story
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