Samsung says Q3 profit likely highest in 3 years on rising chip prices
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SEOUL – Samsung Electronics Co Ltd said on Friday its third-quarter operating profit likely rose 28% to the highest in three years, helped by rising memory chip prices and display sales for smartphone makers' new flagship launches.
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The world's largest memory chip and smartphone maker estimated July-September profit at 15.8 trillion won ($13.3 billion), slightly below a Refinitiv SmartEstimate of 16.1 trillion won. It is highest quarterly result since the third quarter of 2018.
Revenue likely rose about 9% from the same period a year earlier to a record 73 trillion won, Samsung said in a short preliminary earnings release. It is due to announce detailed earnings later this month.
SAMSUNG ELECTRONICS LIKELY TO REPORT BEST QUARTERLY PROFIT IN 3 YEARS
Rising memory chip prices and shipments, plus a jump in profitability at Samsung's chip contract manufacturing business, likely raised the chip division's operating profit by about 79% from a year earlier, analysts said. Semiconductors accounted for about half of Samsung's operating profit in the first half of the year.
Samsung shares rose 1% in morning trade.