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Samsung Electronics predicts record high operating profit for Q3
13 October 2017, 06:04 | Cesar Cruz
Samsung Electronics predicts record high operating profit
The electronics giant said earlier Thursday it expects to record a third-quarter operating profit of 14.5 trillion won ($12.8 billion), almost triple from the year-ago period, thanks largely to continued strong demand for memory chips.
Analysts said Samsung's chip business may have posted an operating profit of 10 trillion won in the third quarter, along with sales of 20 trillion won, putting the operating margin at above 50 percent.
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 company said it will announced its final third quarter results later this month. Samsung predicted an operating profit of 14.5 trillion won ($12.8 billion), a whopping 174 percent increase from the same period one year ago, when its sales were hit by its recall of the Galaxy Note 7 smartphone.
Its information and mobile sector is estimated to have brought in three trillion won operating profit and the display business one trillion won.
Chung Sun-sup, chief executive of research firm Chaebul.com, said he was "surprised and curious about why he is quitting despite record profits".
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Strong global demand for DRAM chips will continue to outpace supply in 2018 as new plants from Samsung and No. 2 memory chip maker SK Hynix are not expected to operate until 2019, while demand for NAND flash chips exceeded supply for six straight quarters as of last month, DRAMeXchange, a division of data provider TrendForce, said.
Samsung Electronics Co Ltd said on Friday its CEO and Vice Chairman Kwon Oh-hyun had made a decision to step down from management, as it forecast record third-quarter profits on the back of soaring memory chip prices.
The consumer electronics division will also benefit from strong seasonal demand, he added. Lee was given a five-year jail term, although he has appealed the case.
Samsung Electronics said Friday Friday its CEO and Vice Chairman Kwon Oh-hyun would step down from management after three decades with the company amid a corruption scandal involving its de facto chief.
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