Samsung sets its sights on record third quarter earnings

Samsung sets its sights on record third quarter earnings

Samsung sets its sights on record third quarter earnings

The electronics giant said earlier Thursday it expects to record a third-quarter operating profit of 14.5 trillion won ($12.8 billion), almost triple from the year-ago period, thanks largely to continued strong demand for memory chips.

Samsung's mobile division saw its operating profit plunge to 100 billion won in the third quarter of 2016 due to the suspended production of the Galaxy Note 7, which recovered to 2.5 trillion won a quarter later. Samsung has two other CEOs each overseeing its mobile phone business and home appliance division.

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

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The Apple Inc (NASDAQ:) 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.

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.

Samsung raked in 8.03 trillion won from the chip business in the April-June period in operating profit, along with 4.06 trillion won from the mobile arm.

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Chung Sun-sup, chief executive of research firm, said he was "surprised and curious about why he is quitting despite record profits".

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

Samsung Electronics said Friday Friday its CEO and Vice Chairman Kwon Oh-hyun would step down from management after three decades with the company amid a corruption scandal involving its de facto chief.

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Shares of Samsung Electronics closed at 2,740,000 won Thursday, up 0.29 percent from the previous session.

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