Samsung Elec profit likely at 2-year high after Huawei chip orders, phone recovery

By Joyce Lee and Hyunjoo Jin

SEOUL (Reuters) – Samsung Electronics Co Ltd’s third-quarter profit likely jumped 58% to its highest in two years, beating estimates from analysts who pinned the rise on smartphone sales recovery and a rush order of chips from Huawei Technologies Co Ltd.

The South Korean tech giant said on Thursday operating profit was likely 12.3 trillion won ($10.6 billion) for the three months ended September. That compared with a Refinitiv SmartEstimate of 10.5 trillion won and would be the highest since the 17.57 trillion won of the third quarter of 2018.

Revenue likely rose 6% from the same period a year earlier to 66 trillion won, the company said.

Samsung released only limited data in Thursday’s regulatory filing ahead of the release of detailed earnings figures later this month.

“It seems Huawei’s impact on Samsung’s chip business was bigger than the market expected, and there

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