Samsung Electronics says Q3 profit likely highest in 3 years on rising chip prices

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imageStock Markets7 minutes ago (Oct 07, 2021 08:20PM ET)

(C) Reuters. FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea, August 25, 2017. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Samsung Electronics (OTC:SSNLF) Co Ltd on Friday said third-quarter operating profit likely rose 28% to its highest in three years, helped by rising memory chip prices and brisk sales of its new foldable smartphones.

The world’s largest memory chip and smartphone maker estimated July-September profit at 15.8 trillion won ($13.3 billion), versus a Refinitiv SmartEstimate of 16.1 trillion won.

Revenue likely rose about 9% from the same period a year earlier to a record 73 trillion won, Samsung (KS:005930) said in a short preliminary earnings release. It is due to announce detailed earnings later this month.

Rising memory chip prices and shipments, plus a jump in profitability at Samsung’s chip contract manufacturing business, likely raised the chip division’s operating profit by about 79% from a year earlier, analysts said.

($1 = 1,191.2500 won)

Samsung Electronics says Q3 profit likely highest in 3 years on rising chip prices

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