Samsung Electronics sees record profit of $10.0 billion in Q3 profits

SEOUL: Samsung Electronics today posted a record profit of $10.0 billion for the third quarter and declared a sweeping reshuffle of its top management on Tuesday.

The world’s biggest memory chip and smartphone maker has faced multiple challenges since last year, including a humiliating recall of its flagship Galaxy Note 7 handsets and a corruption scandal that engulfed its de facto leader.

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But its net profits for July to September soared 148 percent on the same period a year ago — its best for any quarter — it said in a statement, thanks to strong demand for its memory chips and a recovery in smartphone sales with the roll-out of the new generation Galaxy Note 8.

The figures come only two weeks after chief executive Kwon Oh-Hyun resigned, saying the South’s biggest firm was facing an “unprecedented crisis” and its current profitability was “merely a fruit of decisions and investment made in the past”.