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A South Korean flag, left, and Samsung Electronics flag fly outside the company’s headquarters in Seoul, South Korea, on July 5, 2019.
Jean Chung | Bloomberg | Getty Images

Samsung Electronics shares edged higher on Friday after the company said its operating profit for the quarter that ended in September was likely 28% higher than a year ago at 15.8 trillion Korean won ($13.26 billion).

That’s set to be Samsung’s best quarterly profit in three years — since the third quarter of 2018 when Samsung posted a profit of more than 17.5 trillion won.

Still, Friday’s figure fell below analysts’ estimates of 16.1 trillion won, according to Refinitiv SmartEstimate.

Samsung shares rose more than 1% in early trade, but eventually pared some of those gains to trade at 0.42% higher.

Consolidated sales for the quarter likely rose to a record high of 73 trillion won — up 9% from a year ago.

The South Korean tech giant did not break down how each business unit performed, including its main profit-making semiconductor business.

But operations at the world’s largest smartphone and chipmaker have been affected by a global chip shortage and the coronavirus pandemic that shuttered some of its factories around the world.

“Both revenue and operating profit [are] lower than our estimate, and market estimate,” said SK Kim, executive director and senior analyst at Daiwa Capital Markets.

Samsung was partially affected by the semiconductor shortage, especially in its smartphone business, and likely faced some logistics problems for its consumer electronics unit, Kim said Friday on CNBC’s “Squawk Box Asia.” But rising semiconductor prices likely had a positive impact on Samsung’s components business, he added.

Daiwa has a price target of 110,000 won (about $92) a share for Samsung, implying more than 53% upside from Thursday’s close, as it expects higher semiconductor prices to drive the tech company’s earnings.

Chip shortage is beginning to affect the smartphone industry where the likes of Samsung and Apple had so far been shielded from the fallout by stockpiling critical components like memory chips.

Late last month, Counterpoint Research lowered its smartphone shipment forecasts for the second half of 2021, saying that some smartphone makers are struggling to receive all the components they ordered to make smartphones.

Full results for the September quarter are due later this month.

Samsung shares are down more than 11% year-to-date.

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Figma’s stock sinks more than 20% after last week’s IPO pop

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Figma's stock sinks more than 20% after last week's IPO pop

Dylan Field, co-founder and CEO of Figma, appears on the floor of the New York Stock Exchange on July 31, 2025.

Michael Nagle | Bloomberg | Getty Images

Figma shares dropped 23% on Monday, cutting into the gains the design software company posted after hitting the market last week.

The stock dropped $27.50 to $94.50 as of midday. That’s down from a close of $122 on Friday.

Figma and top stockholders sold about 37 million shares at $33 per share late Wednesday, yielding around $412 million in proceeds flowing to the company. On Thursday, its first day of trading on the New York Stock Exchange, the stock more than tripled.

The initial reception shows a renewed appetite on Wall Street for high-growth technology companies after a historically slow stretch for initial public offerings.

Figma said in an updated IPO prospectus that it expects second-quarter revenue to increase about 40% from a year earlier. But unlike many technology companies that have gone public over the past several years, Figma has regularly posted profits.

Figma’s fully diluted valuation sits at approximately $56 billion, almost triple the amount Adobe agreed to pay in its 2022 acquisition offer. Regulators in the European Union and the U.K. opposed the deal, which the two companies called off in late 2023.

Dylan Field, Figma’s 33-year-old CEO, owns stock in the company worth more than $5 billion even after Monday’s slide.

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Amazon lays off over 100 employees in Wondery unit as part of audio business restructuring

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Amazon lays off over 100 employees in Wondery unit as part of audio business restructuring

The logo for Wondery is displayed on a smartphone in an arranged photograph taken in the Brooklyn borough of New York, U.S., on Tuesday, Sept. 29, 2020.

Gabby Jones | Bloomberg | Getty Images

Amazon is laying off roughly 110 employees in its Wondery podcast division and the head of the group is leaving as part of a broader reshuffling of the company’s audio unit.

In a Monday note to staffers, Steve Boom, Amazon’s vice president of audio, Twitch and games, said the company is consolidating some Wondery units under its Audible audiobook and podcasting division. Wondery CEO Jen Sargent is also stepping down from her role, Boom said.

“These changes will not only better align our teams as they work to take advantage of the strategic opportunities ahead but, even more crucially, will ensure we have the right structure in place to deliver the very best experience to creators, customers and advertisers,” Boom wrote in the memo, which was viewed by CNBC. “Unfortunately, these changes also include some role reductions, and we have notified those employees this morning.”

Bloomberg was first to report on the job cuts.

The move comes nearly five years after Amazon acquired Wondery as part of a push to expand its catalog of original audio content. The podcasting company made a name for itself with hit shows like “Dirty John” and “Dr. Death.”

More recently, Wondery signed several lucrative licensing deals with Jason and Travis Kelce’s “New Heights” podcast, along with Dax Shepard’s “Armchair Expert.”

Amazon is streamlining “how Wondery further integrates” into the company by separating the teams that oversee its narrative podcasts from those developing “creator-led shows,” Boom wrote.

The narrative podcasting unit will consolidate under Audible, and creator-led content will move to a new unit within Boom’s organization in Amazon called “creator services,” he wrote.

Amazon’s audio pursuits face a heightened challenge from the growing popularity of video podcasts on Alphabet‘s YouTube, which now hosts an increasing number of shows.

Video shows require different discovery, growth and monetization strategies than “audio-first, narrative series,” Boom wrote in the memo to Amazon staffers.

“The podcast landscape has evolved significantly over the past few years,” Boom said.

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Baidu plans to expand its robotaxis to Europe with Lyft deal

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Baidu plans to expand its robotaxis to Europe with Lyft deal

Cheng Xin | Getty Images

Baidu will bring its driverless taxis to Europe next year via a partnership with U.S. ridehailing firm Lyft, as the Chinese tech giant looks to expand its autonomous vehicles globally.

The robotaxis will initially be deployed in the U.K. and Germany from 2026 with the aim to have “thousands” of vehicles across Europe in the “following years,” the two companies said.

Lyft has had very little presence in Europe until last week when it closed the acquisition of Germany-based ride hailing company FreeNow, which is available in over 150 cities across nine countries, including Ireland, the U.K., Germany and France.

Deployment of the autonomous cars is “pending regulatory approval,” Lyft and Baidu said in a Monday statement. It’s unclear if Lyft will offer Baidu’s robotaxis via the FreeNow app or another product.

The partnership marks a continued push from Baidu to expand its robotaxis to international markets.

Last month, Baidu partnered with Uber to deploy its autonomous cars on the ride-hailing giant’s platform outside the U.S. and mainland China, with a focus on the Middle East and Asia, which will launch later this year. The partnership also covers Europe, though a launch date for the region has not yet been disclosed.

In China, Baidu has been operating its own robotaxi service since 2021 in major cities like Beijing, allowing users to hail an Apollo Go car through the app. Meanwhile, for Lyft, the deal could boost the firm’s presence in the region as it looks to take on rivals like Uber and Bolt.

Autonomous vehicles have become a big focus for ride-hailing companies which have looked to partner with companies that are developing the technology for driverless cars.

In the U.K., a market that Lyft is targeting, Uber this year partnered with self-driving car technology firm Wayve to launch trials of fully autonomous rides starting in spring 2026.

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