Samsung profit jumps despite recall blues

SEOUL: South Korea’s Samsung Electronics expects third-quarter profit grew 5.6%, beating estimates, as a pickup in chip and display earnings likely offset the impact

SEOUL: South Korea’s Samsung Electronics expects third-quarter profit grew 5.6%, beating estimates, as a pickup in chip and display earnings likely offset the impact of a global smartphone recall that has roiled the tech giant. The world’s biggest smartphone maker said on Friday its operating profit for July-September was likely 7.8 trillion won ($7 billion), compared to 7.4 trillion won a year ago. The firm won’t issue full results until late October and gave no details on the cost of recalling about 2.5 million Galaxy Note 7 phones after batteries caught fire. Analysts have said the Note 7 woes could have undercut mobile earnings by at least 1 trillion won.

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