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. Samsung predicted an operating profit of 14.5 trillion won ($12.8 billion), a whopping 174 percent increase from the same period one year ago, when its sales were hit by its recall of the Galaxy Note 7 smartphone.
The company is set to release its final earnings report later this month.
Analysts said the better-than-expected performance for the mobile arm is attributable to the market's positive reaction to the Galaxy Note 8 flagship, while the refurbished edition of the Galaxy Note 7, dubbed the Galaxy Note FE, sold out in South Korea, shipping 400,000 units. So strong is this demand that Samsung, the world's leading flash memory maker, has been able to secure both high prices and high volumes for its flash products, with some analysts estimating a profit margin of nearly 50 percent.
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The technology company reported $2.97 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.74 by $0.23. Turning to The Charles Schwab Corporation (NYSE:SCHW), its shares were trading at $45.31 a gain of $0.22, on the trading floor.
He cemented Samsung Electronics' position in memory chips and expanded the contract chip manufacturing business.
Vice Chairman Kwon will also resign as the Chief Executive Officer of Samsung Display.
Lee, who was found guilty in August of bribery, perjury and other charges relating to payments made by Samsung to ousted president Park Geun-Hye's secret confidante Choi Soon-Sil, is appealing his five-year sentence and says he is innocent.
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The consumer electronics division will also benefit from strong seasonal demand, he added.
Samsung Electronics said Friday Friday its CEO and Vice Chairman Kwon Oh-hyun would step down from management after three decades with the company amid a corruption scandal involving its de facto chief.
Shares of Samsung Electronics traded at 2,722,000 won as of 9:30 a.m., down 0.66 percent from the previous session.
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