United States: Samsung’s profits soar as US sanctions rival Huawei

Samsung Electronics forecast that its third-quarter operating profit rose nearly 60 percent to its highest level in two years, as its smartphone and chip businesses benefited from tougher US sanctions on China’s Huawei.

Strong sales of smartphones and home appliances including TVs drove earnings at Samsung during the quarter, which were above analysts’ forecasts, as consumer demand recovered after the coronavirus pandemic. That helped to offset the impact of lower chip prices.

The South Korean company briefly ceded the top spot in global smartphone sales to Huawei in the second quarter but is quickly regaining its footing. Rival Apple delayed its new iPhone launch to later this month and a US ban began to choke off Huawei’s access to mobile chips from mid-September.

The original full article can be found at ft.com

(Photo: Bloomberg)

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