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Samsung reported record profits

07 October, 2018, 16:40 | Author: Joanna Little
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The company said that it expects its operating profit in the three months will stand at 17.5 trillion won (US$15.50 billion), up 20.4 percent from 14.5 trillion won posted during the same period past year.

If Samsung does indeed hit those projections, it would be a 20 percent increase compared to Q2 2018's mark of 14.53 trillion won, as well as being a new high for the quarter.

The smartphone and semiconductor giant reported a 20pc surge in profits for the three months ending in September to 17.5tn won and a 4.8pc increase in revenues.

The company did not provide detailed descriptions of the performance of its business and segment results.

With the area responsible for around 80 percent of Samsung's quarterly operating profit, however, industry watchers said the company will need to diversify its portfolio to evade potential pitfalls down the road.

More news: Google Pixel 3 XL shown off in new video

The group has recorded in recent years of solid results due to strong demand of memory chips fitted on the mobile devices and that has helped offset poorer performance in its mobile division.

Despite the record earnings, concerns remained as the chip-making unit's profit made up nearly 80 percent of the total. In addition to smartphones, OLED displays, and memory chips, the company has its tentacles spread into televisions, washing machines and dryers, refrigerators, IoT devices, and more. The projected sales are KRW 64-66 trillion, which equates to around $57.5 billion.

Samsung's booming memory chip business, which is expected to have earned 13.5 trillion won in the third quarter, played a crucial role in the profit jump, according to market analysts.

Business from Apple accounts for 25% to 30% of sales at Samsung's display division, he added. However, falling prices for some electronic components could stunt further earnings growth.

DRAMeXchange a market tracker has predicted that the average prices for DRAM products would drop 5% during the fourth quarter compared to the previous quarter, which is a steeper drop that its estimates previously of up to 3%. The third-quarter report was announced before the market opened on Friday.

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