SEOUL (Reuters) – Samsung Electronics Co Ltd on Friday said third-quarter operating profit likely rose 28% to its highest in three years, helped by rising memory chip prices and brisk sales of its new foldable smartphones.
The world’s largest memory chip and smartphone maker estimated July-September profit at 15.8 trillion won ($13.3 billion), versus a Refinitiv SmartEstimate of 16.1 trillion won.
Revenue likely rose about 9% from the same period a year earlier to a record 73 trillion won, Samsung said in a short preliminary earnings release. It is due to announce detailed earnings later this month.
Rising memory chip prices and shipments, plus a jump in profitability at Samsung’s chip contract manufacturing business, likely raised the chip division’s operating profit by about 79% from a year earlier, analysts said.
($1 = 1,191.2500 won)
(Reporting by Joyce Lee and Heekyong Yang; Editing by Christopher Cushing and Richard Pullin)