Samsung Hits Record Profits In Q3 Estimated Earnings

Samsung has revealed its estimated third quarter earnings, showing a record profit that beat analysts estimates. The final numbers won't be in until later this month, but the preliminary numbers show that the operating profit will fall between 9.9 trillion won and 10.3 trillion won, while the sales numbers are higher at 58 trillion won to 60 trillion won.

It is anticipated the operating profit hit approximately 10.1 trillion won, which would trump the 9.96 trillion won that analysts estimated for the quarter. Once the final numbers come in, we'll see a breakdown of numbers by each company division, as well as the net income. Until, however, Bloomberg analysts are estimating the mobile division to have hit 6.3 trillion won.

Following the preliminary numbers, Samsung's stock jumped 1.6-percent, hitting 1,440,000 won. Estimates are pegging the number of smartphones shipped during the third quarter at 85 million, which would be a hefty increase from the second quarter's 75 million handsets. Such is based on numbers from Daewoo Securities Company.

Part of the increase in profits is the result of increasing the sale of inexpensive smartphones in emerging markets, something that has taken up the slack resulting from a decrease in buying numbers of the Korean maker's high-end handsets. One analyst has estimated GALAXY S 4 handset sales to have decreased by about 18-percent, hitting the 18 million units mark, for the third quarter.

SOURCE: Bloomberg