Samsung Elec unveils 11.3t won buyback as Q3 profit rebounds

Seoul

SOUTH Korea's Samsung Electronics pulled out of an extended earnings dive on Thursday, reporting a nearly 30 per cent surge in third-quarter net profit and announcing an 11.3 trillion won (S$13.9 billion) share buyback.

Favourable exchange rates and a renewed focus on components were behind the profit jump, as Samsung sought to shake off the loss of smartphone market share to Apple Inc in the premium segment, and to Chinese rivals at the lower end.