Samsung reports record earnings - and Apple’s a big reason why

07 October, 2018, 16:39 | Author: Shawn Conner
  • Analysts expect Samsung to report disappointing smartphone sales despite the release of its new Galaxy Note 9

Samsung Electronics has announced its earnings guidance for the third quarter of 2018, with consolidated sales coming in at 65 trillion Korean won (roughly $57.3 billion), up 5% year-on-year, and profits of 17.5 trillion won ($15.8 billion).

Although Samsung will report high operating profits in its next quarterly results, Apple's iPhone XS series is one of the main reasons behind it.

Samsung doesn't release the performance figures of its individual divisions until later this month-it will certainly be interesting to find out how the Galaxy Note 9 has been performing.

Bloomberg News had reported last month that Samsung had to slow down the growth of its production of DRAM to better collect the lower demand.

As of 10:07 a.m. on Friday, shares of Samsung Electronics were up 0.56 percent to 44,950 won.

Local analysts estimate Samsung earned around 2.3 trillion won in operating profit from the IT and mobile division, which marks a sharp drop from around 3.3 trillion won posted in the same period a year ago.

Nevertheless, analysts have sounded concern about the current lack of innovation in the smartphone industry.

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With its third-quarter operating profit exceeding 700 billion won, however, will likely post an annual profit of 3 trillion won for the first time in 2018.

On the contrary, Samsung's mobile communication business is believed to have suffered.

Although the guidance report did not give details on the earning performance of each business, market experts believe the company's record-breaking performance was due to the company's semiconductors.

LG, in a regulatory filing, estimated July-September profit at 746 billion won ($659.76 million).

"The diversification of Samsung's operations has paid off again: While its handset business has struggled, the memory chip business has gained so much, making the company look good overall", said Holger Mueller, principal analyst and vice president of Constellation Research Inc.

Some global investment firms Goldman Sachs and Morgan Stanley cast grim outlooks on the global semiconductor market, which they said would be hit hard by falling demand in the fourth quarter and 2019.

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