Samsung Electronics expects record $12.8 bn Q3 operating profit
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The company estimated operating profits of $12.8 billion in the July-September period, an all-time record for quarterly profit. Samsung Electronics said Friday it expected profits to hit an all-time record in the third quarter to September as the South Korean IT giant enjoys booming semiconductor sales.
The company estimated operating profits of 14.5 trillion won ($12.8 billion) in the July-September period, an all-time record for quarterly profit and nearly triple the 5.2 trillion won earned a year earlier.
Sales are estimated to have surged 29.65 percent on-year to 62 trillion won.
Samsung did not announce the performance estimates of each business division but its semiconductor business is widely believed to have contributed greatly to the record-beating report.
The company is set to release its final earnings report later this month.
Samsung has been seeking to move past a bribery scandal which saw the company’s de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries.
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 five-year sentence and says he is innocent.
Questions & Answers
Q.What is the estimated operating profit for Samsung Electronics in the third quarter?
What is the estimated operating profit for Samsung Electronics in the third quarter?
Samsung Electronics expects operating profits of $12.8 billion (14.5 trillion won) for the July-September period. This figure represents an all-time record for quarterly profit for the company.
Q.How much did operating profits increase compared to the same period last year?
How much did operating profits increase compared to the same period last year?
The estimated operating profit of 14.5 trillion won is nearly triple the 5.2 trillion won earned a year earlier. This shows a significant increase in profitability for the company.
Q.Which part of Samsung's business is thought to be the main driver of this record profit?
Which part of Samsung's business is thought to be the main driver of this record profit?
Although performance estimates for individual divisions were not announced, the semiconductor business is widely believed to have greatly contributed to this record-breaking report. Booming sales in this sector are a key factor.
Q.When does Samsung plan to release its full earnings report for the third quarter?
When does Samsung plan to release its full earnings report for the third quarter?
Samsung is scheduled to release its final earnings report later this month. This will provide a comprehensive breakdown of the company's performance across all divisions.
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