SEOUL— Samsung Electronics Co. said it expects around 12.3 trillion won ($10.6 billion) in operating profits for the third quarter, rising on the same period a year earlier and driven by stronger smartphone and consumer electronics sales, as companies adapt to the pandemic’s effects long-term. Samsung said Thursday it estimated an operating profit of 12.2 trillion to 12.4 trillion South Korean won, compared with 7.78 trillion won in the same period a year earlier. The electronics giant also said it expects to report around 65 to 67 trillion won in revenue compared with 62 trillion won for the prior year’s quarter. The company’s estimated operating profit would be the highest since 2018’s fourth-quarter operating profit of 10.8 trillion won, when the company was still enjoying the benefits of booming semiconductor sales. Analysts’ forecasts had also projected 63.5 trillion won in revenue.

Source: Wall Street Journal October 08, 2020 00:33 UTC