Samsung Q3 earnings rise 26% to a new record, in part from stronger smartphone sales
For the quarter, the company earned a record 8.24 trillion won ($7.76 billion USD) vs. the previous year's 6.56 trillion won ($6.2 billion USD). Revenue rose 13.2% to 59 trillion won ($55.5 billion USD). The previous record for net profit was the 7.77 trillion yen ($7.24 billion USD) scored by Samsung in the second quarter. Growth in operating profit dropped by nearly half sequentially from 47.5% in the second quarter to 26% in the third quarter. While profit in the mobile sector slowed, it still made up 66% of Samsung's operating profits.
Samsung has 50 trillion won ($47 billion USD) in cash, some of which it is using for acquisitions. Like Apple with its $147 billion cash hoard, Samsung is going to have to decide what to do with its pile of money.