Samsung's Q3 operating profit hits record high at 15.5 bln United States dollars

Samsung Profit Tops Estimates Bolstered by Memory Chip SalesMore

Samsung Profit Tops Estimates Bolstered by Memory Chip SalesMore

Apple Inc's (NASDAQ:APPL) biggest smartphone competitor Samsung Electronics Co Ltd expects to post record quarterly profit, boosted by strong demand for its memory chips.

In particular the guidance report estimates that the Samsung's consolidated operating profit will reach 17.5 trillion Korean won ($15.5 billion), with its consolidated sales said to be in the region of 65 trillion won ($57.5 billion).

The operational profit forecast for the third quarter is higher than the market consensus which was 17.2 trillion won, according to the specialized site FnGuide.

That would mark an acceleration on the 6% increase in operating profit reported in the second quarter when its Galaxy S9 smartphone fell short of sales targets amid tough competition from cheaper Chinese-made phones.

Chips account for almost 80 per cent of Samsung's operating profit and Samsung has benefited from a surge in data centres for cloud computing that has spurred spikes in prices for DRAM chips.

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While the liquid-crystal display (LCD) business revenue is estimated to have dropped 28 percent, OLED business is estimated to have increased 35 percent year-on-year to over 7.5 trillion won.

So, in the previous quarter, the turnover and profit of the company amounted to 51.7 and 13.6 billion dollars. Chip costs are diving, and its up and coming foldable telephones probably won't have an enormous effect on its mobile business. The Singapore Exchange issued a trading query at 4.27pm on Thursday, asking the company to explain the unusual trading activity.

The net income and detailed profits of each business were scheduled to be disclosed later this month after audit and approval by the board of directors.

Market tracker DRAMeXchange predicts an average price decline of 5 percent for DRAM products in the fourth quarter from the previous quarter, steeper than its previous estimate of declines of as much as 3 percent. The third-quarter report was announced before the market opened on Friday.

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