Samsung to shake up its executive after posting record quarterly profit
Seoul — Samsung Electronics has announced an executive shakeup, the same day as it posted a record quarterly profit. The South Korean tech giant logged profit of 11.2-trillion won ($10bn) in the July-September period, it said on Tuesday, its best for any quarter. The world’s biggest memory chip and smartphone maker has had its de facto leader jailed for bribery and faced a recall of its flagship Galaxy Note 7 device. But its net profits soared 148% on the same period a year ago, 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 CEO 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". The firm described Tuesday’s numbers as an "overall robust performance". Operating profit nearly tripled year on year to 14...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.