Samsung's Third Quarter Is A Winner, Profit Jumps 80 Percent
Samsung estimated its third-quarter profit increased by almost 80 percent, no thanks to its tanking smartphone sales.
Samsung's earnings guidance blew expectations out of the water. The South Korean tech giant estimates its profit jumped almost 80 percent in the third quarter.
It's welcome news for the company whose profits have been on a decline for almost two years.
But ironically for the former cellphone king, Samsung's smartphone sales still haven't recovered from its recent dip.
Instead, third-quarter profits came mostly from displays and chips –– the kind companies like Apple are actually using to compete with Samsung phone sales.
Samsung's stock rose significantly after the Q3 estimates. The only question is if the profits can last. Analysts don't expect Samsung's smartphone sales to rebound for at least a year.
This video includes images from Getty Images.
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