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Samsung predicts record profits for third quarter as memory business booms

13 October 2017

The company estimated operating profits of 14.5 trillion won ($12.8 billion) in the July-September period, a record for quarterly profit and almost three times the 5.2 trillion won earned 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 a year ago.

The South Korean company did not elaborate on its performance and will disclose detailed earnings in late October.

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Strong global demand for DRAM chips will continue to outpace supply in 2018 as new plants from Samsung and No. 2 memory chip maker SK Hynix are not expected to operate until 2019, while demand for NAND flash chips exceeded supply for six straight quarters as of last month, DRAMeXchange, a division of data provider TrendForce, said. The company said it will announced its final third quarter results later this month.

KB Securities added that rising sales of the Galaxy S8 and Galaxy Note 8 smartphones will also improve the profitability of the mobile division, putting the sector's operating profit estimate at a better-than-expected 3.3 trillion won.

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.

Vice Chairman Kwon will also resign as the Chief Executive Officer of Samsung Display.

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Mirae Asset Daewoo Securities added the consumer electronics division will experience growth on the back of strong seasonal demand.

Kwon is 65 and has been the face of Samsung in the absence of the company's de facto chief, Lee Jae-yong.

Shares in Samsung Electronics were trading down 0.77 percent on heavy profit taking in mid-morning trade. Samsung announced its earnings guidance before the market opened Friday.

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Samsung predicts record profits for third quarter as memory business booms