Samsung Expects Record Q3 Operating Profit

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

Samsung forecasts operating profits of 14.5 trillion won for the third quarter of this year, it says in its preliminary earning guidance, which is its highest to date.

"The company has been riding a global semiconductor boom", he said, adding the semiconductor business alone is believed to have contributed 10 out of the 14.5 trillion won operating profit.

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.

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

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The record profits are likely backed by a recovered mobile division - the well-received Galaxy Note 8 began sales last month - and the continuing high-demand for its memory chips.

Samsung appears to have bounced back from its Galaxy Note 7 disaster - in a big way.

The operating profit was broadly in line with market consensus.

Analysts forecast Samsung's 2017 net income almost doubled from 2016 and say the best is yet to come.

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Samsung Electronics Co Ltd (SMSN.L, SSNNF.OB, SSNLF.OB) has expected another record quarterly operating earnings on booming demand for displays and memory chips.

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

Industry watchers said Samsung's latest record-beating performance was made possible by investments and strategies established by Lee Jae-yong ahead of his imprisonment in February, and the lack of leadership in Samsung will hinder its long-term growth.

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

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Shares in Samsung Electronics were trading down 0.77 percent on heavy profit taking in mid-morning trade.

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