Strong Galaxy Note 10 sales help stem falling Samsung profits

Photo by Amelia Holowaty Krales / The Verge

Samsung Electronics has reported third-quarter earnings that show sharp declines year-on-year due to the ongoing slow performance of the global memory chip market, which had been the company’s biggest profit driver. In other areas, however, Samsung is doing pretty well.

Overall, the company made 62 trillion won (~$53 billion) in revenue and 7.78 trillion won (~$6.71 billion) in operating profit, year-on-year drops of 5 and 56 percent respectively. But the mobile business alone posted revenue of 29.25 trillion won (~$25 billion), up 17 percent, with profit rising 32 percent to 2.92 trillion won (~$2.5 billion). Profit is also slightly up at the display panel business.

Samsung says the improved mobile earnings were due to strong sales of...

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