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Samsung predicts record profits for third quarter Updated: 2017-10-13 19:59:21 KST


Record profits in the third quarter.
Samsung Electronics said Friday it expects unprecedented operating profits of around 12.8 billion U.S. dollars for the July to September period, almost tripling from the same period last year, also beating a Thomson Reuters average forcast of 12.6 billion dollors.
The tech giant's revenue rose nearly 30 percent on-year to 62 trillion Korean won, close to 55 billion dollars.
Experts attributed the record profits on rising demand for displays and memory chips.

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"On top of memory chips like DRAM and OLED, sales of the newly released Galaxy Note 8 smartphone, further lifted its mobile division profits. The Galaxy Note 8 is about 10% more expensive than the Note 7, yet sales are expected to meet market estimates."

The break down of its performance by division will be clear when Samsung release its final earnings result later this month.
Shortly after the guidance was released, however, Samsung Electronics Vice Chairman and CEO Kwon Oh-hyun announced he is stepping down.
In a statement, Kwon said "the time has come for the company to start anew with new spirit and young leadership to better respond to challenges."
Samsung said Kwon, who first joined the company in 1985, will not extend his term as chairman of the board of directors, which expires in March.
While Samsung will likely enjoy another record earnings in the fourth quarter thanks to continued rise in memory chip demand, experts say Samsung Chairman Lee Jae-yong's on-going trial and diversifcation of its businesses remain as mid-to-long term challenges.
Kim Hyesung, Arirang News.
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