Samsung predicts record profits for third quarter as memory business booms

Samsung forecasts record 14.5 trillion won in Q3 profit

Sales also probably surged 29.65 percent to 62 trillion won in the July-September period from a year earlier. Operating income nearly tripling to a record 14.5 trillion won ($12.8 billion) in the three months ended September, according to preliminary results.

The company also estimates third-quarter sales of 62 trillion won compared to 47.82 trillion won a year ago.

Samsung did not announce the performance estimates of each business division, although the chip business is anticipated to have played a key role in the record-beating report. The company said it will announced its final third quarter results later this month.

The record profits are likely backed by a recovered mobile division - the well-received Galaxy Note 8 began sales last month - and the continuing high-demand for its memory chips.

Kwon is one of the two vice chairmen at Samsung Electronics with Jay Y. Lee, who was sentenced to five years in prison in August for bribing a presidential confidante in return for help in succeeding his hospitalized father, Chairman Lee Kun-hee.

The South Korean tech giant's new record is a rise of 178.85 percent from last year, when profits were at a three year low of 5.2 trillion won due to the Galaxy Note 7 debacle.

Its information and mobile sector is estimated to have brought in three trillion won operating profit and the display business one trillion won.

Yonhap Infomax data based on research from 21 securities firms also showed Samsung is expected to post an operating profit of 16 trillion won in the fourth quarter, up 74 percent from a year earlier.

The rising sales of its flagship Galaxy S8 and Galaxy Note 8 smartphones were also believed to have bolstered the profitability of the mobile division, analysts said.

He's stepping down even though Samsung's business remains robust.

His ailing father Lee Kun-hee has been hospitalized since 2014, and is now unable to participate in the company's management.

Kwon has been working as de facto head of the company following the imprisonment of the Samsung heir Lee Jae-yong.

"Currently, Samsung is only harvesting from rich soil", an anonymous Samsung executive said.

Samsung's stock price briefly hit a record of 2.74 million won per share on Thursday, before rolling back slightly to 2.72 million won per share at the time of publication.

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