Samsung Electronics predicts record high operating profit for Q3

Samsung forecasts record 14.5 trillion won in Q3 profit

Samsung has been seeking to move past a bribery scandal which saw the company's de-facto head Lee Jae-Yong thrown into jail and overcome a damaging recall a year ago of its flagship Galaxy Note 7 smartphone over exploding batteries.

The company also estimates third-quarter sales of 62 trillion won compared to 47.82 trillion won past year.

Samsung Electronics on Friday said it was expecting record operating profits of about 14.5 trillion Korean won ($12.8 billion) for the September quarter, seeing a massive jump of almost 179 percent from the same period a year earlier. Analysts said Samsung's strong earnings are attributable to increased shipments of chips.

Samsung Electronics' Galaxy Note 8 are seen on display at its store in Seoul, South Korea, October 11, 2017.

Samsung did not give its forecast on its net profit.

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"It's the chip prices that are driving up the profit rather than the sales volumes", said Park Kang-ho, an analyst at Daishin Securities.

As for the fourth quarter, Samsung Electronics is expected to continue its growth, backed especially by its highly competitive chip business. Analysts estimated 14.3 trillion won in operating profit, according to financial data provider FactSet.

Samsung is also struggling to stem a further setback of its reputation from the August conviction of de-facto chief Jay Y. Lee, on charges he bribed a presidential confidante to secure support for a 2015 merger that cemented his control.

Industry watchers said Samsung's latest record-beating performance was made possible by investments and strategies established by Lee Jae-yong ahead of his imprisonment in February, and the lack of leadership in Samsung will hinder its long-term growth.

"Currently, Samsung is only harvesting from rich soil", an anonymous Samsung executive said. Samsung announced its earnings guidance before the market opened Friday.

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