Samsung is still snagging record profits despite slowdown in smartphone sales. Sarah Tew CNET
07 October, 2018, 16:42
Industry analysts expect that the July-September quarter will mark a peak in earnings for the South Korean technology giant.
Samsung's operating profit reached a fresh high of 17.5 trillion won (15.5 billion USA dollars) in the July-September quarter, up 20.4 percent from a year earlier.
In the third quarter, market analysts believe the mobile business dropped 9 percent to 25 trillion won, while operating profit fell almost 30 percent year-on-year to 2.3 trillion won compared to the 3.3 trillion won recorded a year ago.
Samsung will provide a breakdown of its earnings later this month as part of its full consolidated financial report for the recently concluded period. Articles appear on euronews.com for a limited time.
Local analysts estimate Samsung earned around 2.3 trillion won in operating profit from the IT and mobile division, which marks a sharp drop from around 3.3 trillion won posted in the same period previous year. The sales estimates came to 15.8 trillion won.
Shares of Samsung Electronics closed at 44,700 won on Thursday, down 2.19 percent from the previous session.
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Samsung Electronics is forecast to post a record operating profit in the July-September period thanks to its robust semiconductor sales, according to the firm's earnings guidance on October 5.
Memory chips account for nearly 80% of its operating profit. The Singapore Exchange issued a trading query at 4.27pm on Thursday, asking the company to explain the unusual trading activity.
Samsung's booming memory chip business, which is expected to have earned 13.5 trillion won in the third quarter, played a crucial role in the profit jump, according to market analysts.
The results could alleviate pessimism over demand for memory chips, even though there's remaining doubt whether customers will continue their buying next year.
Price for memory chip, Samsung's best-selling product, was forecast to fall in the fourth quarter, while uncertainties lingered over the overall export amid the trade conflict among major economies.
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