Samsung Posts Profit Increase as Pandemic Fuels Tech Demand

SEOUL— Samsung Electronics Co. reported its largest profit in more than 18 months, fueled by a bounceback in smartphone sales and demand for memory chips.
The South Korean giant, like many other technology companies, has largely sidestepped a financial fallout as pandemic-induced shifts to working and studying from home have boosted demand for Samsung’s core products.
As the world’s largest smartphone and memory chip maker, Samsung’s results often mirror the broader tides of the industry.
For the quarter ended Sept. 30, Samsung’s net profit rose to 9.36 trillion South Korean won, equivalent to $8.24 billion, a 49% rise from the prior year’s 6.29 trillion won. Revenue grew by 8% to 66.96 trillion won from 62 trillion won during the same period a year ago.
Analysts had forecast about 9 trillion won in net profit and 64.8 trillion won in revenue, according to estimates gathered by S&P Global Market Intelligence.
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