Samsung’s Q3 profit estimate exceeds expectations on Galaxy Note 10 sales

Samsung Electronics flagged slightly better than expected third quarter profit on Tuesday, helped by strong sales of its new Galaxy Note 10 smartphone series even as a slump in its memory chip business continued to weigh on earnings.

In a regulatory filing ahead of detailed earnings due later this month, the South Korean tech giant said operating profit for the July to September quarter would likely tumble 56% to 7.7 trillion won ($6.44 billion).

That was slightly better than the 7.1 trillion won forecast by Refinitiv SmartEstimate data, thanks to sales of the Galaxy 10 series both at home and in Europe since its launch on Aug 23.