Samsung sees best quarterly profit in 3 yrs on chip shortage

Samsung Electronics on Friday flagged a 28 per cent jump in its third-quarter (Q3) operating profit to the highest in three years, driven by rising memory chip prices and display sales for new flagship smartphone launches. The preliminary result was up 26 per cent from Q2, although just below forecasts, while the market reaction was further muted as analysts pencilled in a flat or slightly lower result this quarter on an expected fall in memory chip prices.