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Samsung forecasts Q3 profit of $12.8 billion, up 179% year-on-year

“The Apple smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll” reports venturebeat.com. (Reuters) — Samsung Electronics said on Friday its third-quarter operating profit likely nearly tripled from a year earlier to a new record, beating analyst estimates as strong memory chip prices fattened margins.Analysts have tipped its chip division to propel the firm to record overall profit. Samsung shares were trading down 0.8 percent at 0022 GMT as investors booked profits, while the broader market was flat.
 
Source: venturebeat.com



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