Samsung Electronics expects record $12.8bn Q3 operating profit

Samsung Electronics expects record $12.8bn Q3 operating profit

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 a year ago.

Samsung's guidance did not elaborate on the performance of specific business units, but analysts say the firm's strong performance was likely helped by rapid sales of its new Galaxy Note 8 smartphone, which is the successor to the disastrous Note 7 that was recalled after reports of exploding batteries.

Samsung appears to have bounced back from its Galaxy Note 7 disaster - in a big way.

The company is also expected to record revenue of 62 trillion won ($5.4 billion), an increase of 29.7 percent from a year earlier. The company said it will announced its final third quarter results later this month.

Earlier today, Samsung expected another record quarterly operating earnings on booming demand for displays and memory chips.


As for the fourth quarter, Samsung Electronics is expected to continue its growth, backed especially by its highly competitive chip business.

He's stepping down even though Samsung's business remains robust.

The consumer electronics division will also benefit from strong seasonal demand, he added.

The company also estimates third-quarter sales of 62 trillion won compared to 47.82 trillion won previous year.

Samsung Electronics Vice Chairman Lee Jae-yong is now behind bars after a local court found him guilty of bribery and embezzlement in a massive corruption scandal that led to the ousting of former President Park Geun-hye. The younger Lee has appealed, denying charges. Vice Chairman and Chief Executive Officer Kwon Oh-hyun is stepping down after more than three decades at the company, saying that he's making way for new leadership amid a corruption trial surrounding the de facto chief. Samsung announced its earnings guidance before the market opened Friday.

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