Samsung expects record profits in third quarter

Noel Cummings
October 7, 2018

The company's statement offered no other information about its recent financial performance, but the sharp increase in profitability points to another strong quarter for the memory chips business.

LG, in a regulatory filing, estimated July-September profit at 746 billion won ($659.76 million).

While income levels for Samsung's business divisions are yet to be disclosed, analysts expect its mobile business will struggle to deliver profit growth for the next two quarters.

"Falling chip prices will pressure profits while its smartphone shipments are not satisfactory and will continue to crimp margins", said Song Myung-sup, a senior analyst at HI Investment & Securities.

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The operating profit was above the market's expectation of 17.1 trillion won, based on a survey conducted by Yonhap Infomax on 21 South Korean brokerage houses.

There have been predictions among market watchers that Samsung's earnings would slow down in the fourth quarter as DRAM and NAND flash prices are expected to decline.

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.

Shares in Samsung rose 0.2 percent on Friday afternoon, while the broader market fell slightly.

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Samsung is said to be the world's largest semiconductor manufacturer in terms of revenue, having overtaken rival Intel Corp.to take the No. 1 spot.

Displays have emerged as another important source of revenue for the South Korean company. Samsung is no longer the sole supplier of displays to Apple, but is thought to still be a major contributor.

Samsung plans to curtail growth in memory chip output next year to keep supplies tight amid an expected weakening demand, Bloomberg News reported last month.

But there are growing concerns over declining chip prices. More specifically the strides that Samsung has been able to make in smaller architectures appears to be yielding dividends.

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Samsung reported second-quarter operating profits fell almost 5% on quarter but increased 5.7% from the same period in 2017.

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