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 Electronics on Friday said it was expecting record operating profits of about 14.5 trillion Korean won ($12.8 billion) for the September quarter, seeing a massive jump of almost 179 percent from the same period a year earlier.

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.

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

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

Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report. Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power.

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