Samsung posts record Q3 profit on thriving chip business

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Samsung is still snagging record profits despite slowdown in smartphone sales. Sarah Tew CNET

According to its earnings guidance, the world's biggest chipmaker reported a 20.4 percent surge in operating profit from the same period last year to 17.5 trillion won, beating the market consensus of 17.1 trillion won and previous record-high of 15.6 trillion win the first quarter of this year.

The third quarter is, however, expected to mark a peak in earnings as a two-year super cycle of tight supply and soaring demand comes to an end.

It was the highest-ever quarterly profit in the company's history, surpassing the market expectations of 17.17 trillion won (15.2 billion USA dollars).

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Samsung did not release performance and net profit estimate reports for each business division.

Even though the detailed report will be out later, analysts believe that the earnings boost is largely because of the strong performance of the components arm of Samsung. Samsung expects revenue will increase to 65 trillion won from 62 trillion won. Its business likely won't experience any near-term effects of such a development and its stock should remain stable, or at least unaffected by lower profits that are likely to be generated over the final quarter of the year.

Samsung shares rose as much as 1.8% in early trade in Seoul.

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While the liquid-crystal display (LCD) business revenue is estimated to have dropped 28 percent, OLED business is estimated to have increased 35 percent year-on-year to over 7.5 trillion won.

Samsung really appears to be cashing in chips.

The price of DRAM memories used in servers, mobile devices and the PC, could see declines of 5% in the fourth quarter compared to the previous due to a slowdown in demand, writes the law firm TrendForce. Samsung Electronics launched the Galaxy Note 9 in August, but intensifying competition in the global market, especially by Chinese rivals, weighed down on the South Korean tech giant.

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Operating profit in the IT and mobile unit, which makes smartphones, was estimated at about 2 trillion won (1.77 billion US dollars) in the quarter on weak demand for Samsung's new flagship smartphones released this year.

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