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Samsung Elec says third-quarter operating profit likely climbed by a fifth to record

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Samsung Elec says third-quarter operating profit likely climbed by a fifth to record

Samsung Elec says third-quarter operating profit likely climbed by a fifth to record
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Christian Mang(Reuters)
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SEOUL (Reuters) - Samsung Electronics Co Ltd <005930.KS> 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 (11.91 billion pounds), up 20.4 percent 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 percent to 65 trillion won, matching the average of Refinitiv estimates.

(Reporting by Heekyong Yang and Ju-min Park; Editing by Stephen Coates and Edwina Gibbs)

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