Samsung Electronics on track for record third quarter as chips soar


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

The Apple Inc (NASDAQ:) smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll.

The company is also expected to record revenue of 62 trillion won ($5.4 billion), an increase of 29.7 percent from a year earlier.

They expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the world's largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers.

The company is set to release its final earnings report later this month.

"Resilient memory chip prices would be the the biggest driver for a possible earnings beat", said Anthea Lai, an analyst at Bloomberg Intelligence.

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The Galaxy Note 8 appears to be helping Samsung extinguish the ghosts of Note 7. Analysts have tipped its chip division to propel the firm to record overall profit.

Pre-orders for the Note 8 hit the highest-ever for the Note series, Samsung previously said.

Samsung is also struggling to stem a further setback of its reputation from the August conviction of de-facto chief Jay Y. Lee, on charges he bribed a presidential confidante to secure support for a 2015 merger that cemented his control.

Samsung did not give its forecast on its net profit.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management. Samsung's shares fell less than 1 percent in Seoul on Friday after the results were released.