Samsung Electronics’ preliminary operating profit surges in Q3

SEOUL, Oct. 8 (Xinhua) — South Korea’s tech giant Samsung Electronics saw its earnings surge in the third quarter of this year, the company said Tuesday.
Preliminary operating profit reached 9.1 trillion won (6.7 billion U.S. dollars) in the July-September quarter, up 274.5 percent compared to the same quarter of last year.
It missed market expectations of around 10.3 trillion won (7.6 billion dollars) and was lower than the previous quarter’s operating profit of 10.44 trillion won (7.7 billion dollars).
Preliminary revenue spiked 17.2 percent over the year to hit a record high of 79 trillion won (58.6 billion dollars) in the third quarter.
Net income and detailed earnings in each business unit will be unveiled later this month.
The lower-than-expected earnings were attributable to weaker-than-expected demand and price for memory chips. ■