Samsung’s profit up 26 percent on memory chip, smartphone sales

Samsung Electronics’ net profit in the third quarter was up 25.6 percent year-over-year on record revenue driven by sales of its memory chips and smartphone products.

The South Korean electronics giant reported Friday a net profit of 8.24 trillion won (US$7.8 billion), up from 6.56 trillion won in the same period a year ago.

Revenue reached 59.08 trillion won, a year-over-year increase of 13 percent, and meeting the company’s forecast.

Samsung is currently the world’s largest smartphone vendor. But during the quarter ended Sept. 30, the company saw “intensifying market competition” in the mobile devices space, it said. Shipments of its high-end smartphones remained flat quarter-over-quarter, despite the release of the company’s Galaxy Note 3 phablet in late September.

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