Samsung forecasts record 14.5 trillion won in Q3 profit

13 October, 2017, 04:49 | Author: Darnell Taylor
  • Samsung Electronics Predicts Record High Operating Profit for Q3

The company said its operating profit will come in around 14.5 trillion won ($12.8 billion), almost tripling from the year-ago period when it was suffering the fallout from its Note 7 recall.

Samsung raked in 8.03 trillion won from the chip business in the April-June period in operating profit, along with 4.06 trillion won from the mobile arm.

The Apple Inc (NASDAQ:) smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll. "We're expecting an operating profit of about 16 trillion won in the next quarter, and that means the boom in the semiconductor industry is more handsome than expected".

It is also a 3 percent rise from this year's second quarter - its previous highest - of 14.07 trillion won in profits. Analysts have tipped its chip division to propel the firm to record overall profit.

The results don't include net income or break out divisional performance.

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Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries.

It is the world's largest vendor of memory chips, both in DRAM and NAND.

Growing sales of organic light-emitting diode (OLED) smartphone screens for new Apple smartphones also have supported forecasts of a new earnings record in the fourth quarter.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management. Samsung Electronics, of which he is a vice chairman and board member, is the crown jewel of a conglomerate comprised of about 60 units selling selling life insurance, cargo ships and clothes.

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