Samsung Electronics predicts record high operating profit for Q3
13 Октября, 2017, 05:44 | Author: Oscar Goodwin
Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results.
Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.
Samsung appears to have bounced back from its Galaxy Note 7 disaster - in a big way.
Over recent quarters, the world's largest maker of memory chips, smartphones and other electronics products has seen its booming semiconductor business as a major earnings driver. The company said it will announced its final third quarter results later this month.
Revenue likely rose 29.7 percent from a year earlier to 62 trillion won, Samsung said in a regulatory filing.
Samsung said its July-September profit was likely 14.5 trillion won ($12.81 billion), compared with an average forecast of 14.3 trillion won from a Thomson Reuters survey of 20 analysts.
Profits are expected to continue to rise, analysts say.
Kwon is one of the two vice chairmen at Samsung Electronics with Jay Y. Lee, who was sentenced to five years in prison in August for bribing a presidential confidante in return for help in succeeding his hospitalized father, Chairman Lee Kun-hee.
Samsung raked in 8.03 trillion won from the chip business in the April-June period in operating profit, along with 4.06 trillion won from the mobile arm.
The consumer electronics division will also benefit from strong seasonal demand, he added. The younger Lee has appealed, denying charges.
Industry watchers said Samsung's latest record-beating performance was made possible by investments and strategies established by Lee Jae-yong ahead of his imprisonment in February, and the lack of leadership in Samsung will hinder its long-term growth. Samsung announced its earnings guidance before the market opened Friday.
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