Samsung expects record profit in two years in Q3

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Samsung on Thursday said its third-quarter profit is expected to have risen 58% to a two-year high, beating analyst estimates, who attributed the jump to higher sales of smartphones and a chip order issued by Huawei.

The South Korean giant said its operating profit for the July-September period is expected to have reached 12.3 trillion won (about 9.1 billion euros), the highest since the third quarter of 2018 when it was ‘was 17.570 billion won.

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According to Refinitiv SmartEstimate data, analysts expected a profit of 10.5 trillion won.

Samsung expects revenue to rise 6 percent year-on-year to 66 trillion won, according to partial data released ahead of the release of detailed results due later this month.

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On the stock market, Samsung Electronics was up 1.2% in early trading, with a 0.7% gain in the Kospi index.

The company shipped around 80 million smartphones in the third quarter compared to 54.2 million devices in the previous quarter, analysts said, as demand rebounded after the coronavirus health crisis caused a contraction in markets. first six months of the year.

Samsung has also seen demand for microprocessors soar thanks to orders for video game consoles and the needs of Chinese telecoms giant Huawei, which began stockpiling chips in mid-September to offset the ban on the purchase of technology. Americans targeting him.

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