Apple rival Samsung expects record third quarter profit, boosted by chip demand

Apple rival Samsung expects record third quarter profit, boosted by chip demand

The July-September performance marked the highest quarterly achievement for the company to date. Operating profit, meanwhile, is set to hit 17.5 trillion KRW ($15.5 billion), up 20.4 percent compared to the same quarter past year and 18 percent more than the previous quarter.

It plans to disclose detailed earnings later this month. Articles appear on euronews.com for a limited time.

Samsung forecast revenues for the third quarter will climb to KRW64-66 trillion, up from the KRW62.05 trillion posted during the same period in 2017.

Memory chips account for nearly 80% of its operating profit.

That would mark an acceleration on the 6% increase in operating profit reported in the second quarter when its Galaxy S9 smartphone fell short of sales targets amid tough competition from cheaper Chinese-made phones.

The third-quarter guidance report's operating profit hovered below the market's estimate of 771.7 billion won, based on a survey conducted by securities firms.

The price of DRAM products - used in mobile devices, servers and PCs - is expected to see a sharp drop of five percent in the fourth quarter from the previous quarter on slowing demand, said TrendForce, a market research firm that tracks memory chip pricing.

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South Korean flagships Samsung Electronics and LG Electronics announced surging Q3 year-on-year profits today.

Hana Financial Investment estimated the shipment of the Galaxy Note 9 came to 1.38 million units in the first month, which is roughly 65 percent of the tally for the previous year's Note 8 phablet.

This is a much more positive return for the business compared to the second quarter of 2018.

The company, which is the world's leading smartphones and memory chips maker, expects consolidated sales will rise 4.8% year-on-year to 65trn won, thanks to demand for its memory chips in mobile devices.

LG Electronics is expected to post an overall profit of 3 trillion won for 2018.

Construction and property group Chip Eng Seng Corp halted trading of its shares before the market opened yesterday after a late Thursday rally in its stock drew a trading query from the Singapore Exchange.

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