Samsung Electronics Q3 operating profit jumps 20.4% to record W17.5tr
Samsung Electronics Q3 operating profit jumps 20.4% to record W17.5tr
Samsung is still snagging record profits despite slowdown in smartphone sales. Sarah Tew CNET
07 October, 2018, 15:46
According to earnings guidance released by Samsung Electronics on Friday, the Korean behemoth earned a consolidated operating profit of almost $15.5 billion from consolidated sales of $57.6 billion in the third quarter of the year, making it the company's most profitable quarter.
Revenue increased 4.8 percent over the year to 65 trillion won (57.5 billion US dollars) in the third quarter.
Revenue likely rose to 15.4 trillion won from 15.2 trillion won from a year earlier. Still, the number was below a market estimate of 771.7 billion won, based on a survey conducted by Yonhap Infomax on 15 securities firms. The record earning was apparently attributable to its chip business, industry watchers said. Its business likely won't experience any near-term effects of such a development and its stock should remain stable, or at least unaffected by lower profits that are likely to be generated over the final quarter of the year. The earlier market consensus on Samsung Electronics' operating profit was between 16.8 trillion won and 17.1 trillion won.
Memory chips account for the biggest portion of Samsung's profit and buys the company time to shore up its smartphone sales.
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The company will release full quarterly results on 31 October.
Samsung will announce the finer details of its Q3 2018 performance when it shares its complete earnings report at the close of the month. Falling NAND and DRAM prices look set to affect Samsung's bottom line, and competition from cheaper Chinese models combined with high marketing costs could hit its smartphone segment's profit growth.
The group has recorded in recent years of solid results due to strong demand of memory chips fitted on the mobile devices and that has helped offset poorer performance in its mobile division. Korea Investment & Securities forecasts an 8% drop in investment in semiconductors next year as Samsung braces for a slowdown in demand.
LG Electronics is expected to post an overall profit of 3 trillion won for 2018. It was up 11.2 percent from the prior quarter.
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