Samsung Electronics

PRIME TIME NEWS 22:00 Samsung Electronics' Q3 profit jumps on chip sales, currency effects

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• published: 29 Oct 2015
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PRIME TIME NEWS 22:00 Samsung Electronics has something to celebrate in the 3rd quarter, with its operating profit jumping up 82 percent from a year ago. Koreans can now pay their bills with greater ease, as a new online banking system will create an all-in-one method for payments to different companies from different accounts. Although the U.S. Fed is holding its key interest rate steady,... there are strong signs that point to a rate hike before the year is up. It′s 10pm on a Thursday here in Korea. Welcome to Prime Time News, I′m Daniel Choy. Title: Samsung Electronics′ Q3 profit jumps on chip sales, currency effects Samsung Electronics saw its operating profit jump more than 80 percent in the third quarter from the year before,... driven by strong chip sales and a pick up in its mobile business. Kim Min-ji starts us off. Samsung Electronics′ third quarter figures show the tech giant′s earnings are on an upswing. The company had an operating profit of about 6-point-5 billion U.S. dollars in the July-to-September period,... up 82 percent from a year ago. Sales rose almost nine percent,... while net profit also climbed nearly 30 percent during the same period. "Currency conditions were favorable in the third quarter. In addition, lower production costs for semiconductors,... and strong demand for chips and the OLED displays used for new smartphones helped drive up the earnings momentum." Samsung′s chip business, which has been the company′s cash cow,... posted an operating profit of 3-point-2 billion dollars in quarter three,... setting a new record. Its bottom line also got a boost to the tune of about 700 million dollars,... thanks to the Korean won′s weakness against the U.S. dollar. Samsung′s IT and mobile division, which has been weighing on earnings,... posted an operating profit of 2-point-1 billion dollars an improvement from last year, but still down slightly from the second quarter. Price cuts on new Galaxy S6 smartphones,... released before new Apple products... in a bid to avoid direct competition, pushed up the number of handsets sold,... but the lower average sale price ate into the company′s overall profit. "Analysts aren′t so optimistic about Samsung′s performance in the fourth quarter. They say earnings will likely decline, facing stiffer competition with Apple′s new products and seasonally lower demand for components." Kim Min-ji, Arirang News. Title: Hyundai Motor hits sales milestone in U.S., as it loses ground in China Hyundai Motor has reached an impressive sales milestone in the United States. But according to our Kwon Soa, the situation isn′t as peachy for the Korean auto giant in the world′s biggest auto market: China. Hyundai Motor has hit sales of ten million in the U.S.,... reaching an important milestone in its combined sales since its entry into the market 29 years ago. Hyundai Motor America said Wednesday that it′s thanks to the company′s strategic rollout of i