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Samsung Electronics on track for record third quarter as chips soar

13 October 2017, 06:06 | Melvin Schneider

The Galaxy Note 8 appears to be helping Samsung extinguish the ghosts of Note 7. Josh Miller CNET

The Galaxy Note 8 appears to be helping Samsung extinguish the ghosts of Note 7.                  Josh Miller  CNET

The electronics giant said earlier Thursday it expects to record a third-quarter operating profit of 14.5 trillion won ($12.8 billion), almost triple from the year-ago period, thanks largely to continued strong demand for memory chips.

Sales are estimated to have surged 29.65 percent on-year to 62 trillion won.

Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries.

Both shipments and prices of the company's main products - DRAM and NAND memory chips - have been increasing over the past several months, he said. The company said it will announced its final third quarter results later this month.

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.

The South Korean electronics firm said its third quarter profits will be its highest ever, thanks in part to strong demand for its flash memory chips.

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As for the fourth quarter, Samsung Electronics is expected to continue its growth, backed especially by its highly competitive chip business.

Industry watchers, meanwhile, said the absence of Samsung's top leaders cast a cloud over the company's long-term strategy.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management.

Samsung Electronics said Friday Friday its CEO and Vice Chairman Kwon Oh-hyun would step down from management after three decades with the company amid a corruption scandal involving its de facto chief.

"Currently, Samsung is only harvesting from rich soil", an anonymous Samsung executive said.

Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power. Samsung announced its earnings guidance before the market opened Friday.



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