Samsung Predicts Record Profits For Q3 2017
The Korean tech giant Samsung is expecting to expecting record profits of about 14.5 trillion Korean Won (AUD$16.3 trillion) from operating sales.
The company generated 62 trillion won (just over AUD$70 trillion) in revenue. The figures show a jump of 179 percent in profits from the same period last year.
This exceeds estimates of 14.3 trillion Korean won in operating profits.
In the second quarter, Samsung posted a $14.1 trillion Won (AUD$15.8 Trillion), edging out Apple Inc who posted a USD$10.7 billion (AUD$12.7 billion) profit.
Analysts believe the record profits could benefit pricing trends for semi-conductor industry. Mehdi Hosseini, the senior analyst and senior VP for semiconductors at Susquehanna Financial Group told CNBC’s Squawk Box the future for the industry looks bright,
“Looking forward, memory prices are going to remain stable in certain areas like DRAM [dynamic random-access memory]. They’re showing continued growth off of a higher base,”
The release of the Galaxy S8, S8 Plus and the Note 8 devices earlier this year are being credited for Samsung’s profit.
Samsung will release the full earnings report later this month.