Samsung Expects Record Q3 Operating Profit

Samsung forecasts record 14.5 trillion won in Q3 profit

Samsung Electronics on Friday said it was expecting record operating profits of about 14.5 trillion Korean won ($12.8 billion) for the September quarter, seeing a massive jump of almost 179 percent from the same period a year earlier.

Samsung did not give its forecast on its net profit.

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. Samsung, based in Suwon, South Korea, supplies the chips for smartphone makers as well as data center operators. "We're expecting an operating profit of about 16 trillion won in the next quarter, and that means the boom in the semiconductor industry is more handsome than expected". Final numbers are usually released two weeks later.

Samsung's mobile division saw its operating profit plunge to 100 billion won in the third quarter of 2016 due to the suspended production of the Galaxy Note 7, which recovered to 2.5 trillion won a quarter later.

Shares of Samsung Electronics traded at 2,722,000 won as of 9:30 a.m., down 0.66 percent from the previous session.

Sales of its display business, mostly from its high-end, small-sized flexible OLED screens, which it sells to rival Apple, are also a likely contributor.

Still, the company's chips business has remained robust, helped by strong demand for memory chips. The appeals cases of Lee and four other convicted Samsung executives began Thursday.

Its de facto chief, Lee Jae-yong, a vice chairman at the company and the only son of its ailing chairman, was convicted in August and sentenced to five years in prison for crimes related to the corruption scandal that took down South Korea's president.

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