Rising chip prices fuel Samsung’s best quarterly profit in 3 years

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Reuters

By Joyce Lee and Heekyong Yang SEOUL (Reuters) -Samsung Electronics Co Ltd on Friday flagged a 28% jump in its third-quarter 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% from the second quarter, 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. The world’s largest memory chip and smartphone maker estimated its July-September profit…

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