Record Third Quarter For Samsung

01:24 10/31/2017

Exploding cell phone batteries seem to have not stood in the way of South Korean Electronic company Samsung after it posted a record third quarter. The company bounced back from the negative press it got from the Galaxy Note 7 phone to post $12.91 billion in profit and revenue of $55 billion with the chip business being its top revenue earner.

In excess of 4 million Galaxy Note 8 smart phones have been sold since the premium model was launched in mid-September, compensating for slowing sales of the Galaxy S8 launched earlier in 2017, analysts said.

The record earnings come after Samsung Electronics CEO and Vice Chairman Kwon Oh-hyun announced on Oct. 13 that he plans to step down from management. His departure leaves key roles vacant - head of the components business including memory chips, head of the display business, as well as chairman of the board and a board director.

Samsung expects its component business to continue to drive its earnings in the coming quarters as the memory chip market conditions are expected to remain favorable and sales of flexible OLED panels are expected to increase. The company is on track for record full-year profit, with analysts forecasting even better fourth-quarter on strong memory chip prices and organic light-emitting diode (OLED) screen sales for Apple's iPhone X.

Shares of Apple Inc.AAPL  rose over three percent on Monday after revealing massive iPhone X price increase, arguably the most expensive iPhone ever made with pre orders already sold out worldwide.

This article has been provided by a Chasing Markets contributor. All content submitted by this author represent their personal opinions, and should be considered as such for entertainment purpose only. All opinions expressed are those of the writer, and may not necessarily represent fact, opinions, or bias of Chasing Markets.
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