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Samsung Electronics predicts record profits for third quarter Updated: 2017-10-13 11:53:08 KST


Record profits in the third quarter.
Samsung Electronics said Friday it expects unprecendented operating profits of about 12.8 billion U.S. dollars for the June to September period, almost tripling from the same period last year.
The estimate beats Thomson Reuters average forecast of 14.3 trillion Korean won, or 12.6 billion dollars, in operating profits.
The tech giant reported better than projected profits on rising demand for displays and memory chips with ever greater processing power.
Sales of the Galaxy Note 8 smartphone, launched in mid-September, further helped lift its mobile profits as it recovered from last year's Note 7 fiasco.
Samsung will release its net income and break down its performance by division when it releases its final results later this month.
As for revenue, it also rose nearly 30 percent on-year to 54.7 billion dollars, similar to the market forecast.
As of this year, Samsung's share price has soared more than 50 percent, closing at a record high of two.seven-four million won or more than 24-hundred U.S. dollars on Thursday.
Shortly after the guidance was released, Samsung Electronics Vice Chairman and CEO Kwon Oh-hyun announced he is stepping down.
He will also leave his post as the head of the company's Device Solutions Division, which includes memory chips.
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.
Kim Hyesung, Arirang News.
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