Science

Samsung Electronics predicts record high operating profit for Q3

Samsung Electronics predicts record high operating profit for Q3

Samsung has been seeking to move past a bribery scandal that saw the company's de-facto head Lee Jae-Yong thrown into jail, and to overcome a damaging recall previous year of its flagship Galaxy Note 7 smartphone over exploding batteries.

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.

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

Tech giant Samsung Electronics Co Ltd estimated on Friday its third-quarter operating profit almost tripled from a year earlier, beating expectations as strong memory chip prices likely padded margins.

That estimate beat a Reuters average forecast of 14.3 trillion Korean won in operating profits.

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

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Known as "Mr Chip", Kwon, 64, oversaw the growth of Samsung's component business which now generates much of the firm's profits, dwarfing earnings from smartphones and other mobile devices.

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

Industry watchers, meanwhile, said the absence of Samsung's top leaders cast a cloud over the company's long-term strategy.

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.

Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong. The younger Lee has appealed, denying charges.

"Currently, Samsung is only harvesting from rich soil", an anonymous Samsung executive said.


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