Samsung Electronics' preliminary operating profit soars 31.8 pct in Q3

Alsharq Tribune-AFP 

South Korea's tech giant Samsung Electronics saw its third-quarter preliminary operating profit soar in double digits thanks to strong semiconductor demand, the company said Tuesday.

Samsung's preliminary operating profit jumped 31.8 percent to 12.1 trillion won (8.5 billion U.S. dollars) in the July-September quarter compared to the same quarter of last year.

It beat market estimates of about 10 trillion won (7 billion dollars), marking the largest since the second quarter of 2022.

Preliminary revenue gained 8.7 percent from a year earlier to hit a record high of 86 trillion won (60.1 billion dollars) in the third quarter.

The record earnings were attributed to surging demand for high-end memory chips.

The net income and detailed earnings for each business unit will be unveiled later this month.