Samsung Expects Record Q3 Operating Profit

9:45 am JST																Samsung Elec on track for record Q3 as chips soar

9:45 am JST Samsung Elec on track for record Q3 as chips soar

The technology giant estimated operating profit for the third-quarter nearly tripled to 14.50 trillion Korean won or $12.8 billion from 5.20 trillion won previous year.

That estimate beat a Reuters average forecast of 14.3 trillion Korean won in operating profits.

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Revenue likely rose 29.7 percent from a year earlier to 62 trillion won, Samsung said in a regulatory filing. Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power.

The record profits are likely backed by a recovered mobile division - the well-received Galaxy Note 8 began sales last month - and the continuing high-demand for its memory chips. Samsung did not elaborate on its July-September performance and will disclose detailed results at the end of October.

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Sales of its display business, mostly from its high-end, small-sized flexible OLED screens, which it sells to rival Apple, are also a likely contributor.

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