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07 October 2018, 04:43 | Megan Pierce
Samsung Electronics Expects Third-Quarter Operating Profit to Be Its Highest Ever
Samsung on Friday published its preliminary financial report for the third quarter of the year, estimating it generated the equivalent of $57.5 million in sales with approximately $15.5 billion in profit over the three-month period ending September 30.
With its third-quarter operating profit exceeding 700 billion won, however, will likely post an annual profit of 3 trillion won for the first time in 2018.
Samsung Electronics once again set quarterly records for profit and revenue thanks to high demand for the semiconductor chips needed to propel today's key technologies.
While its other business units continue to make up for its sloppy performance in the smartphone market, it remains to be seen if its upcoming devices will prop up the handset division.
Chips account for almost 80 percent of Samsung's operating profit and Samsung has benefited from a surge in data centers for cloud computing that has spurred spikes in prices for DRAM chips.
Despite the record earnings, concerns remained as the chip-making unit's profit made up nearly 80 percent of the total.
This is a much more positive return for the business compared to the second quarter of 2018. In addition to smartphones, OLED displays, and memory chips, the company has its tentacles spread into televisions, washing machines and dryers, refrigerators, IoT devices, and more.
Smartphone sales for Apple have stalled in recent years, with its third-quarter results showing iPhone shipments were little changed from the same period a year ago as consumers shrugged off higher prices for its flagship iPhone X model. Still, the number was below a market estimate of 771.7 billion won, based on a survey conducted by Yonhap Infomax on 15 securities firms. The division has been posting losses since the second quarter of 2017.
But the operating income has been supported by a good performance of tvs top of the range - in particular because of the football world Cup - and memory chips.
But it looks to be business as usual for the company in Q3. "[Samsung Electronics] is facing a slowdown on earnings momentum, as DRAM prices has been falling since the fourth quarter". The third-quarter report was announced before the market started trading.
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