Samsung Elec says third-quarter profit likely rose 58% on strong smartphone sales

FILE PHOTO: The logo of Samsung Electronics is seen on a dish washer at its store in Seoul, South Korea, Aug. 27, 2020. REUTERS/Kim Hong-Ji/File Photo

SEOUL (Reuters) – Samsung Electronics Co Ltd 005930.KS said on Thursday third-quarter operating profit likely rose 58% as strong smartphone, TV and home appliance sales and increased chip shipments offset the effects of weak memory chip prices.

The South Korean tech giant said operating profit was likely 12.3 trillion won ($10.63 billion) in the quarter ended September, far above the 10.5 trillion won analyst forecast by Refinitiv SmartEstimate.

Revenue likely rose 6.5% to 66 trillion won from a year earlier, the company said.

The firm is expected to release detailed earnings later this month.

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