Samsung predicts record profits for third quarter as memory business booms

Doris Richards
October 13, 2017

The technology giant estimated operating profit for the third-quarter nearly tripled to 14.50 trillion Korean won or $12.8 billion from 5.20 trillion won past year.

Samsung Electronics said Friday it expected profits to hit an all-time record in the third quarter to September as the South Korean IT giant enjoys booming semiconductor sales. The guidance, released today ahead of full earnings later this month, did not provide specific divisional results.

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye's secret confidante Choi Soon-Sil, is appealing his 5-year sentence and says he is innocent.

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.


Its information and mobile sector is estimated to have brought in three trillion won operating profit and the display business one trillion won.

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

The operating profit figure came in line with the market's consensus of 14.3 trillion won, compiled by Yonhap Infomax, the financial arm of Yonhap News Agency on 21 local brokerage houses.

Shares of Samsung Electronics closed at 2,740,000 won Thursday, up 0.29 percent from the previous session.

Other reports by Iphone Fresh

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