SEOUL, Oct. 29 (Yonhap) — Samsung Electronics Co. on Thursday reported strong third-quarter earnings as its chip business apparently got a boost from U.S. sanctions on Huawei Technologies Co. while its mobile sales bounced back on pent-up demand amid the pandemic.

   Its net profit stood at 9.36 trillion won (US$8.3 billion) in the July-September period, up 48.9 percent from a year earlier, the world’s largest memory chip and smartphone vendor said in a regulatory filing.

   Its operating profit jumped 58.8 percent on-year to 12.35 trillion won in the third quarter of the year, marking its best quarterly performance since the third quarter of 2018, when it logged an operating profit of 17.5 trillion won.

   Sales rose 8 percent on-year to 66.96 trillion won over the cited period, its largest-ever quarterly sales.

   The figures were in line with the earnings guidance announced earlier this month that beat the market consensus.

   Samsung said its upbeat performance came as its smartphone sales soared on the back of pent-up demand, while its chip business posted better-than-expected results despite a decline in memory prices.’