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Samsung Electronics says Q3 profit likely highest in 3 years on rising chip prices By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The Samsung Electronics logo is seen in its Seoul office, South Korea on August 25, 2017. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Samsung Electronics Co Ltd (OTC:) said on Friday that third quarter operating profits likely rose 28% to their highest levels in three year, thanks to higher memory prices and the rapid sales of its latest foldable phones.

According to Refinitiv SmartEstimate, 15.8 trillion won was the world’s biggest memory chip maker and largest smartphone manufacturer. This compares with 16.1 trillion won.

In a brief earnings release, Samsung (KS) stated that revenue likely rose by about 9% over the previous year to record levels of 73 trillion won. The company will announce details earnings in the coming weeks.

Analysts believe that the operating profit of Samsung’s chip manufacturing division has increased by 79% compared to a year ago due to rising memory chip prices.

(1,191.2500 won = $11)

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