Samsung profit tops $10 billion in quarter, a two-year high - Business Insider

Samsung said its third-quarter profit likely jumped 58% to the highest in two years, beating analysts' estimates.

Samsung gained from US sanctions against Huawei and dampened demand for Huawei phones outside of China, analysts said.Visit Business Insider's homepage for more storiesSamsung said Thursday that its third-quarter profit likely jumped 58% to more than $10 billion, the highest in two years, as US restrictions on China's Huawei boosted the South Korean tech giant's phone and chip sales.

The Chinese firm also hurried to order more chips from Samsung after Washington said it would choke its access to chips from mid-September. "It seems Huawei's impact on Samsung's chip business was bigger than the market expected, and there was a big surprise in the smartphone and home appliance businesses," said CW Chung, head of research at Nomura in Korea.

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