Samsung Electronics posts better-than-expected operating profit in Q3
INTERNATIONAL – Samsung Electronics, South Korea's tech behemoth, posted the better-than-expected third-quarter operating profit, a regulatory filing showed Tuesday.
The preliminary figure for operating profit was 7.7 trillion won ($6.4 billion) in the July-September quarter, topping market expectations of about 7.1 trillion won ($5.9 billion).
It tumbled 56.2 percent compared with the same quarter of last year when Samsung recorded its record operating profit, but it was up 16.7 percent from the previous quarter.
Samsung's operating profit moderately recovered this year after logging 6.2 trillion won ($5.2 billion) of profit in the first quarter.
The preliminary revenue was set at 62 trillion won ($52 billion) in the third quarter, surpassing the market consensus of around 61 trillion won ($51 billion).
The revenue was down 5.3 percent from a year earlier, but it was up 10.5 percent from the previous quarter.
Detailed earnings on each business unit would be announced later this month after an external audit and the board of directors' approval.
Recently in South Africa, amsung has launched a new feature called Samsung Pay Cash in the Samsung Pay app.
According to Samsung, the Samsung Pay Cash is an easy way for users to manage their budget and keep their money within Samsung Pay like cash in your wallet.
Like Samsung Pay, Samsung Pay Cash works anywhere Samsung Pay and Mastercard is accepted for contactless payments and magnetic stripe cards, which makes it among the most convenient forms of payment on the market and it’s secure.
Samsung Pay can only be opened by the user and it’s protected by the defense-grade security of Samsung Knox and Mastercard token services, which enables users to store and use their card without exposing the 16-digit card number.