Samsung predicts record profits for third quarter as memory business booms


The company said its operating profit will come in around 14.5 trillion won ($12.8 billion), almost tripling from the year-ago period when it was suffering the fallout from its Note 7 recall.

Its information and mobile sector is estimated to have brought in three trillion won operating profit and the display business one trillion won.

It is the world's largest vendor of memory chips, both in DRAM and NAND.

Samsung's guidance did not elaborate on the performance of specific business units, but analysts say the firm's strong performance was likely helped by rapid sales of its new Galaxy Note 8 smartphone, which is the successor to the disastrous Note 7 that was recalled after reports of exploding batteries.

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Profits are expected to continue to rise, analysts say.

Experts also said Samsung's flash memory chip business was likely to have played a major role in the company's success this quarter.

Yonhap Infomax data based on research from 21 securities firms also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier.

He cemented Samsung Electronics' position in memory chips and expanded the contract chip manufacturing business.

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Mirae Asset Daewoo Securities added the consumer electronics division will experience growth on the back of strong seasonal demand. Lee was convicted of corruption and sentenced to five years in prison in August.

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

Kwon is 65 and has been the face of Samsung in the absence of the company's de facto chief, Lee Jae-yong.

"Currently, Samsung is only harvesting from rich soil", an anonymous Samsung executive said.

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Shares in Samsung Electronics were trading down 0.77 percent on heavy profit taking in mid-morning trade. Samsung announced its earnings guidance before the market opened Friday.