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Samsung Elec Q3 operating profit jumps 59% on strong smartphone sales

SEOUL, Oct 29 (Reuters) - Samsung Electronics Co Ltd reported a 59% rise in quarterly operating profit on Thursday as U.S. restrictions on China’s Huawei Technologies Co Ltd boosted the South Korean tech giant’s phone and chip sales.

Operating profit rose to 12.35 trillion won ($10.96 billion) for the quarter ended September from 7.78 trillion won a year earlier, the world’s top maker of memory chips and smartphones said. That was in line with the company’s estimate of 12.3 trillion won earlier this month.

Net profit rose 49% to 9.36 trillion won. Revenue climbed 8% to 66.96 trillion won. ($1 = 1,127.2200 won) (Reporting by Joyce Lee and Hyunjoo Jin; Editing by Himani Sarkar)

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