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Samsung sees Q3 profit up 28% on chip demand, foldable phones

Higher product prices plus cheap won helped bottom line, analysts say

Samsung Electronics is riding a wave of demand for its semiconductors and foldable smartphones.   © AP

SEOUL -- Samsung Electronics reported a double-digit increase in operating profit during the third quarter from a year ago, boosted by demand for semiconductors, foldable smartphones and the effects of a weak local currency against the U.S. dollar.

The South Korean tech giant said Friday in releasing earnings guidance for the three months ended Sept. 30 that its operating profit jumped 27.9% to 15.8 trillion won ($13.3 billion) from the same period last year.

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