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Galaxy Note 10 helps boost Samsung profits

Galaxy Note 10 helps boost Samsung profitsSource: Google

Samsung achieved earnings that exceeded estimates for the third quarter of this year. This achievement was helped by strong sales of the recently launched Galaxy Note 10 line.

Samsung said its operating profit for the quarter from July to September is expected to fall 56 percent to 7.7 trillion Won. This number is slightly better than Refinity SmartEstimate's estimate of 7.1 trillion Won.

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South Korean technology giant said it had sold over 1 million smartphone 5G in South Korea. This makes the phone so flagship with the fastest selling in South Korea to Samsung.

Analysts said Samsung also benefited from US sanctions against Huawei, which banned US companies from providing components for Huawei devices. Huawei itself is one of Samsung's competitors.

Reported Reuters (8/10), the Huawei Mate 30 is being shipped to Europe. But US sanctions prevented the phone from having licensed access to the Android operating system. Mate 30 also doesn't have the Play Store and other popular apps like Gmail, Youtube or Maps.

"Samsung is likely to enjoy its popularity in the market smartphone Europe as long as Huawei's ban lasts and may even attract European customers who have turned to Huawei, "said Park Sung-soon, an analyst at Cape Investment & Securities.

Although happy because of Huawei's case, in terms of memory chip sales, Samsung has another story. Huawei is a major buyer of Samsung memory chips. Therefore, Huawei's US ban will also affect Samsung.

The company said its semiconductor business revenue could fall 5.3 percent to 62 trillion Won in the third quarter. By comparison, last year over the same period, Samsung earned 65.5 trillion Won. Samsung's third quarter earnings report will be announced later this month. But the company did not give a detailed date.

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