Samsung confident of record 3Q profit

Samsung is predicting record operating profit for 3Q13, however the growth is not all fuelled by growing smartphone sales, with the firm’s component business tipped to rebound.
The South Korean vendor forecasts operating profit of 10.1 trillion Won (€6.9 billion) for the quarter – the average of an expected range of 9.9 trillion Won to 10.3 trillion – on sales of approximately 59 trillion Won. The firm generated operating profit of 8.06 trillion Won in 2Q12, and sales of 52.18 trillion Won.
While most attribute the anticipated rise to the ongoing success of Samsung’s smartphone business, Reuters reports the achievement is as much to do with a rebound in sales of Samsung’s memory chips as its handset success. The news outlet predicts sales at Samsung’s semiconductor business are on track to hit their highest level in three years, amid a recovery in the global chip market.
If Samsung’s 3Q forecast is accurate, its earnings will come in well ahead of analysts’ predictions for the period, the BBC reports.