Samsung Electronics says Q3 operating profit likely climbed by a fifth to record

[SEOUL] Samsung Electronics Co Ltd on Friday said its third-quarter operating profit likely jumped by a fifth to a record high, in line with market expectations, on demand from data centres and improved production yields.

The third quarter is, however, expected to mark a peak in earnings as a two-year super cycle of tight supply and soaring demand comes to an end, with prices of some types of chips already sliding sharply.

Samsung, in a regulatory filing, said July-September profit was likely 17.5 trillion won (S$21.3 billion), up 20.4 per cent from the same period a year earlier. That compared with an average forecast of 17.2 trillion won in a Refinitiv poll of 15 analysts.

The firm did not elaborate on its performance and will disclose detailed earnings in late October.

Revenue likely rose 4.8 per cent to 65 trillion won, matching the average of Refinitiv estimates.

REUTERS