Samsung Posts Record Quarter Profit of $10 billion
Samsung Posts Record Quarter Profit of $10 billion

South Korean tech giant Samsung Electronics logged a record profit of $10.0 billion in the July to September period. World’s biggest memory chip and Smartphone maker has faced the jailing of its de facto leader for bribery and a recall of its flagship device.

Figures come only two weeks after its chief executive Kwon Oh-Hyun resigned, saying South Korea's biggest company was facing an unprecedented crisis and its current profitability was "merely a fruit of decisions and investment made in the past.

Samsung Electronics is the key subsidiary of the sprawling Samsung Group, whose heir Lee Jae-Yong was found guilty in August of bribery, perjury and other charges stemming from payments to the secret confidante of ousted president Park Geun-Hye

Operating profit nearly tripled on-year to 14.5 trillion won also a quarterly record thanks to strong sales of its memory chips and a recovery in Smartphone sales from the huge recall of its Galaxy Note 7 device a year ago.

Samsung's semiconductor unit, which has been riding high on surging global demand for memory chips for servers and Smartphone, saw its operating profit soar nearly 200 percent to 9.96 trillion won.

 
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