Samsung sees chip crunch persisting

A man walks past an advertisement for the Samsung Galaxy Z Fold3 and Flip3 smartphones in Seoul. Samsung’s smartphone shipments and average selling prices rose from the previous quarter, helped by the launch of new Z series foldable models. AFP

SEOUL: Samsung Electronics Co says the tight supply of chips that’s hurting industries worldwide is set to persist through next year, as it reported quarterly profit boosted by rising prices at its semiconductor business.

The South Korean giant, both a major producer and consumer of chips that go into computers and mobile devices, said net income rose to 12.06 trillion won (US$10.3bil or RM42.79bil) in the three months ended September.