Samsung Electronics' share price is headed for the clouds, it seems. The company's shares have already increased 4.5% in valuation since the market opened in Seoul yesterday and they are expected to continue rising as the company is anticipated to post record profits for the past quarter.
A large part of the company's above-expected profits will come from its memory chip business. As we reported earlier, Samsung is the largest supplier of components to Apple and with the release of the iPhone 8 and 8 Plus - and the iPhone X very soon - the Cupertino giant has likely been filling Samsung's coffers quite significantly in the past few months.
During trading yesterday, the company's stock hit a peak of 2.682 million won (US$2,362) and ended at a slightly lower $2,325. That was still an increase of almost three percent from the previous close and some analysts believe the price may go up by as much as 32% to reach $3,080.
The company is expected to post total earnings of 64.84 trillion won later this Friday for Q3 2017, ending in September. Of that, 13.34 trillion won (US$11.7 billion) will be marked as profit, slightly less than the company's success in the last quarter, when it became the most profitable tech company in the world.