Samsung Electronics shares jump on expected record third-quarter memory chip profit

9:45 am JST																Samsung Elec on track for record Q3 as chips soar

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.

The Apple Inc smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll.

Both shipments and prices of the company's main products - DRAM and NAND memory chips - have been increasing over the past several months, he said.

Revenue likely rose 29.7 percent from a year earlier to 62 trillion won, Samsung said in a regulatory filing.

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

While the third quarter estimate for the IT and mobile division hovers below the second quarter, the figure is still better than expected, as Samsung was widely seen to post weaker returns on increased marketing costs for the Galaxy Note 8 released last month.

Читайте также: Unusual Volume summary on Axalta Coating Systems Ltd. (AXTA)

The operating profit was broadly in line with market consensus.

They expect Samsung to outdo its annual financial results for the next few years, thanks to its position as the world's largest maker of the semiconductor group known as memory chips that are used for mobile devices and computer servers.

Profits are expected to continue to rise, analysts say.

The consumer electronics division will also benefit from strong seasonal demand, he added. Lee was given a five-year jail term, although he has appealed the case.

"Currently, Samsung is only harvesting from rich soil", an anonymous Samsung executive said. Samsung announced its earnings guidance before the market opened Friday.

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