clear
Tuesday October 17th, 2017 11:08AM

Samsung predicts another record-high quarterly profit

By The Associated Press
Related Articles
  Contact Editor

SEOUL, South Korea (AP) — Samsung Electronics Co. said Friday its third-quarter profit likely surged nearly three-fold over a year earlier to a new record, putting it on track to report its best annual results at a time when its leader and former executives are fighting corruption convictions.

In its earnings preview, Samsung put its July-September operating profit at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won ($4.6 billion) a year earlier. Sales jumped 30 percent to 62 trillion won ($54.7 billion).

The operating profit was broadly in line with market consensus. Analysts estimated 14.3 trillion won in operating profit, according to financial data provider FactSet.

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

They expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the world's largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers.

Prices of memory chips have skyrocketed globally due to the growing use of social media, mobile data, cloud computing and the emerging internet of things, combined with a tight supply situation. The boom allowed Samsung to dethrone Intel Corp., the long-time global chip leader, in the second quarter and has helped its smaller chip rivals such as SK Hynix to report its record earnings as well.

Samsung's stellar financial performance has coincided with an unprecedented crisis in the South Korean company's leadership.

Its de facto chief, Lee Jae-yong, a vice chairman at the company and the only son of its ailing chairman, was convicted in August and sentenced to five years in prison for crimes related to the corruption scandal that took down South Korea's president. The appeals cases of Lee and four other convicted Samsung executives began Thursday.

Samsung did not give its forecast on its net profit. The company is due to announce its net profit and breakdown figures among its business divisions at the end of this month.

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Technology News
© Copyright 2017 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Samsung predicts another record-high quarterly profit
Samsung Electronics Co. said its third-quarter profit likely surged nearly three-fold over a year earlier to a new record, putting it on track to report its best annual results
8:33PM ( 7 minutes ago )
Hotel: Gunman shot at crowd seconds after shooting guard
The corporate owner of the high-rise Las Vegas Strip casino from which a gunman unleashed the deadliest mass shooting in modern U.S. history is squeezing a timeline of the start of the massacre down to seconds
8:26PM ( 13 minutes ago )
Kidnapped, held 5 years, US-Canadian family free in Pakistan
American woman, her Canadian husband and 3 young children released after years in captivity by Taliban-allied network
8:25PM ( 14 minutes ago )
Associated Press (AP)
NYC, London police taking fresh look at Weinstein claims
New York City and London police detectives are taking a fresh look into sexual assault allegations against Harvey Weinstein; Rose McGown claims mogul raped her
7:38PM ( 1 hour ago )
DeVos touts school choice, STEM for $4B in grants
Education Secretary Betsy DeVos has put forth a new set of priorities for states, schools and universities competing for federal grant money
7:19PM ( 1 hour ago )
After Twitter suspension, Rose McGowan says: 'HW raped me'
After Twitter suspension, an emboldened Rose McGowan alleges 'HW raped me' in an apparent reference to Harvey Weinstein
7:06PM ( 1 hour ago )
AP Business
Trump: DHS secretary nominee needs 'no on-the-job training'
Trump urges Congress to "put politics aside" and confirm his deputy chief of staff to run the Department of Homeland Security.
5:51PM ( 2 hours ago )
World Cup bribery case opened against PSG president, Valcke
Swiss federal prosecutors have announced a criminal case for suspected bribery linked to World Cup broadcast rights against Nasser Al-Khelaifi, the Qatari president of Paris Saint-Germain
5:30PM ( 3 hours ago )
Media and retail losses pull stock indexes away from highs
Major stock indexes slip as a weak forecast from J. Jill hurts retailers while cable and media companies skid after AT&T says it's losing video subscribers
4:52PM ( 3 hours ago )
AP Business - Corporate News
Shares of TV providers drop as AT&T warns of video losses
Signs that more people are dropping their traditional TV subscriptions are weighing on shares of TV providers
5:45PM ( 2 hours ago )
Russia-backed Facebook page colored with hot-button phrases
What does Russia-sponsored political influence look like on Facebook? An Associated Press analysis of the content on a now-shuttered Facebook page called 'Being Patriotic' shows it's colored with words like 'illegal,' 'country' and 'American'
3:53PM ( 4 hours ago )
APNewsBreak: Border Patrol tests camera-toting balloon
APNewsBreak: The US Border Patrol is considering a smaller version of tethered balloons loaded with cameras that can be quickly moved to spot illegal activity, part of an effort to see if more eyes in the sky translate to fewer illegal crossings
2:29PM ( 6 hours ago )
AP Technology News
Hotel: Gunman shot at crowd seconds after shooting guard
The corporate owner of the high-rise Las Vegas Strip casino from which a gunman unleashed the deadliest mass shooting in modern U.S. history is squeezing a timeline of the start of the massacre down to seconds
8:26PM ( 13 minutes ago )
Kidnapped, held 5 years, US-Canadian family free in Pakistan
American woman, her Canadian husband and 3 young children released after years in captivity by Taliban-allied network
8:25PM ( 15 minutes ago )
10 Things to Know for Friday
Among 10 Things to Know: AP obtains recording of sounds tied to attacks on diplomatic staff in Havana; shootout in Pakistan ends with freedom for captives; FDA panel endorses promising gene therapy.
8:16PM ( 24 minutes ago )
Grim search for victims as wildfires grow to size of NYC
Teams begin grim search for more dead as California wildfires grow to size of NYC
8:14PM ( 25 minutes ago )
The Latest: California wildfire destroys Schultz home
California's deadly wildfires have claimed the home of 'Peanuts' creator Charles Schulz but his widow has escaped the flames
8:03PM ( 37 minutes ago )