Sci-tech

Samsung forecasts record profit in Q3

Samsung forecasts record profit in Q3”

According to earnings guidance released by Samsung Electronics on Friday, the Korean behemoth earned a consolidated operating profit of almost $15.5 billion from consolidated sales of $57.6 billion in the third quarter of the year, making it the company's most profitable quarter.

Yet to publish more detailed results, the tech giant said it was expecting operating profits of 17.4-17.6 trillion South Korean won ($13.4-13.5 billion), on revenues of KRW64-66 trillion ($49.3-50.8 billion), for the July-to-September quarter.

Samsung is plowing through any pessimism that might exist among financial analysts, and heading towards record quarterly profits, according to the South Korean electronic maker's third quarter guidance.

Assuming those figures hold true, Samsung's profit will be around 20 percent higher than it was in the same quarter a year ago, and around 18 percent higher than the previous quarter. However, it's reasonable to assume that Samsung's display business played a big role.

What will be interesting to see is if Samsung's smartphone business can stem the tide after seeing a 22 percent decline in revenue in the previous quarter.

Samsung Electronics Co posted profit that topped estimates on resilient sales of memory chips, easing concerns about a dropoff in demand. The guidance is meant to give a general idea how the company did for any given yearly quarter and compares the results to other relevant ones. Business from Apple reportedly accounts for 25 to 30 percent of sales in Samsung's displays division, which makes up a sizable 10 percent piece of Samsung's overall business.

Samsung plans to curtail growth in memory chip output next year to keep supplies tight amid an expected slowing in demand, Bloomberg News reported last month.

The operating profit to sales ratio came to 26.9 percent, also marking a record high for the company. For the whole of 2018, the company is forecast to rake in an operating profit of 65 trillion won, beating the 53.6 trillion won posted in 2017. It was up 11.2 percent from the prior quarter. "But in the longer run, it needs to grab more market share in handsets".



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