Samsung Expects Record Q3 Operating Profit

Samsung Electronics Galaxy Note 8 is displayed in Seoul South Korea. Samsung Electronics says Friday Oct. 13 2017 its third quarter profit likely surged nearly three folds over a year earlier to a new record hig

Samsung Expects Record Q3 Operating Profit

The Galaxy Note 8 appears to be helping Samsung extinguish the ghosts of Note 7.

Analysts said the better-than-expected performance for the mobile arm is attributable to the market's positive reaction to the Galaxy Note 8 flagship, while the refurbished edition of the Galaxy Note 7, dubbed the Galaxy Note FE, sold out in South Korea, shipping 400,000 units.

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

Shares in Samsung Electronics Co Ltd rose 4.5 percent after the market opened in Seoul on Tuesday, as analysts expected the tech giant to announce record profits in memory chips for the July-September quarter.

"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 out of the 14.5 trillion won operating profit. The guidance, released today ahead of full earnings later this month, did not provide specific divisional results.

It is also a 3 percent rise from this year's second quarter - its previous highest - of 14.07 trillion won in profits.

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

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

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

The rising presence of Chinese rivals coupled with USA trade protectionism headed by President Donald Trump are also major hurdles, they added.

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