Samsung predicts record profits of $12.8 billion for Q3 2017

Samsung CEO Kwon Oh-hyun may be resigning but he's leaving the company at the height of its success. The company's forecasts for Q3 2017 suggest an operating profit of 14.5 trillion south Korean won, equivalent to USD $12.8 billion.

That profit is derived from revenues of 62 trillion won (USD $54.9 billion), a year-on-year increase of 29.6% compared to 47.82 trillion won for the same period last year. Revenues and profits was also up compared to the last quarter, when the company first exceeded Apple to become the most profitable company in the world and posted profits and revenues totaling 14 trillion won and 60 trillion won, respectively.

Of course, the company's revenues last year suffered greatly due to the rather costly recall of the Samsung Galaxy Note7, bringing down profits to a mere 5 trillion won (USD $4.6 billion) and the company's valuation taking a USD $20 billion dive.

The company has since recovered spectacularly, and looks poised to continue building on its current success. In fact, not only is the company's share price rising, some analysts expect it to go up to as much as $3,080.

The increased profits are largely attributed to the strong financial showing of the company's components division, which has shored up its position as a leader in the manufacture of several types of memory and OLED screens. The South Korean giant is even the largest supplier to its biggest competitor in the consumer smartphone market, Apple, and is expected to make as much as $110 off each iPhone X sale.

Source: Samsung

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