Samsung Electronics Logged a Record of $10.0 Billion for the Q3

Samsung Electronics Logged a Record of $10.0 Billion for the Q3. Samsung Electronics set a record profit of  $10.0 billion for the third quarter. The another important decision made on Tuesday, is the reshuffling of its top management. This important announcement was made just to maintain the lead because company’s heir is in prison.

Samsung Electronics Logged a Record of $10.0 Billion for the Q3

The company has faced multiple challenges since last year, including recall of it flagship device “Galaxy Note 7” and jailing of its de facto leader for bribery. But it has soared 148 Percent net profit for the July to September on the same periods a year ago.

Samsung Electronics 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  after two weeks of the resignation of CEO Kwon Oh-Hyun.

When the chief executive Kwon Oh-Hyun resigned, he said:

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”

The world’s biggest memory chip and smartphone maker Samsung Electronics described Tuesday’s numbers as an “overall robust performance”.

It is said in a regulatory filing that operating profit nearly tripled on-year to 14.5 trillion won while sales surged to 62.05 trillion. which is considered all time high.

The company Samsung Electronics has replaced each of the three co-CEOs who lead its semiconductor, mobile and TV units. It is the first time in the history of the company that it has separated the roles of board Chairman and CEO.

The company Samsung Electronics profit and share price have risen vigorously this year. It has confirmed a further share buyback for the fourth quarter and said that it would double its dividends in 2018.

Samsung Electronics operates the world’s largest semi-conductor plant and is upgrading many of its production line.

Read Next: Samsung CEO Resigns Ahead of Company’s Q3 Financials Announcement

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