Samsung delivers forecast-beating Q3 performance on mobile, chip recovery

Yonhap News Agency

October 8, 2020

Samsung Electronics Co. on Thursday expected market-forecast beating third-quarter earnings as its chip business apparently remained solid despite a decline in memory prices, and its mobile sales bounced back on pent-up demand amid the pandemic.

In its earnings guidance, the South Korean tech giant estimated its operating profit at 12.3 trillion won (US$10.6 billion) for the July-September period, up 58.1 percent from a year ago.

The third-quarter operating income estimate beats the market consensus of 10.5 trillion won in the data compiled by Yonhap Infomax, the financial arm of Yonhap News Agency that surveyed 19 Korean brokerage houses last month.

Samsung estimated its third-quarter sales at 66 trillion won in the three-month period, up 6.45 percent from a year earlier. The figure is also above the market consensus of 64 trillion won.

Samsung, the world’s leading memory chip and smartphone vendor, did not break down performances of its respective business divisions, saying it will announce the detailed earnings later this month.