Science

Samsung Quarterly Profit Climbs on Chip Demand, Displays

Samsung Quarterly Profit Climbs on Chip Demand, Displays”

The South Korean tech giant also said it expected consolidated sales to be about 62 trillion Korean won, a touch lower than the 62.1 trillion won market forecast.

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 Electronics Co. said Friday its third-quarter profit likely surged almost 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.

The company is set to release its final earnings report later this month. Analysts said Samsung's strong earnings are attributable to increased shipments of chips.

Pre-orders for the Note 8 hit the highest-ever for the Note series, Samsung previously said.

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

Samsung did not give its forecast on its net profit. Analysts have tipped its chip division to propel the firm to record overall profit.

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

Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye's secret confidante Choi Soon-Sil, is appealing his 5-year sentence and says he is innocent.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management.

The rising presence of Chinese rivals coupled with US trade protectionism headed by President Donald Trump are also major hurdles, they added. Samsung's shares fell less than 1 percent in Seoul on Friday after the results were released.



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