Samsung Electronics expects record US$12.8b Q3 operating profit
Oct 13 2017 by Michele Stevens
Samsung Electronicssaid earlier on Friday its third-quarter operating profit likely almost tripled from a year earlier to a new record.
It is also a 3 percent rise from this year's second quarter - its previous highest - of 14.07 trillion won in profits.
Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report. The guidance, released today ahead of full earnings later this month, did not provide specific divisional results.
Brisk sales of the latest Galaxy Note 8 smartphone, launched in mid-September, further helped lift its mobile profit as it recovered from last year's costly withdrawal of the fire-prone Note 7, analysts said.
Samsung also said it expects to see record third quarter revenues of 62 trillion won (5.4 billion), which is up 29.7 percent from one year ago.
Its information and mobile sector is estimated to have brought in three trillion won operating profit and the display business one trillion won.
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Yonhap Infomax data based on research from 21 securities firms also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier. Lee was given a five-year jail term, although he has appealed the case.
The rising presence of Chinese rivals coupled with USA trade protectionism headed by President Donald Trump are also major hurdles, they added.
Samsung's stock price briefly hit a record of 2.74 million won per share on Thursday, before rolling back slightly to 2.72 million won per share at the time of publication. Samsung announced its earnings guidance before the market opened Friday.