Samsung posts record Q3 profits of $10 billion

Nov 01, 2017, 00:39
Samsung posts record Q3 profits of $10 billion

Operating profit almost tripled on-year to 14.5 trillion won - also a quarterly record - thanks to strong sales of its memory chips and a recovery in smartphone sales from the huge recall of its Galaxy Note 7 device a year ago.

Samsung said it intends to keep its existing co-CEO structure.

The firm described Tuesday's numbers as an "overall robust performance".

Operating profit almost tripled in the third quarter from the same period a year earlier, to 14.5 trillion won ($12.91 billion), Samsung said in a regulatory filing, matching its earlier estimate.

Hearings are underway at the appeals court as Lee Jae-yong, Samsung Electronics vice chairman and a grandson of Samsung's founder, contests the conviction for offering bribe to then-President Park Geun-hye and her close friend to ensure a smooth transition of corporate leadership at Samsung.

Mr Lee, who was jailed for five years, says he is innocent and is appealing.

The world's biggest maker of semiconductors, televisions and smartphones replaced the leaders of its three main businesses, named CFO Lee Sang-hoon as the likely new board chairman, and said veteran co-CEOs J.K. Shin and Yoon Boo-keun would resign.

Kim Ki-nam, 59, was appointed to lead the Device Solutions division which makes components including memory chips; Koh Dong-jin, 56, would head up IT and Mobile Communications; and Kim Hyun-suk, 56, would lead Consumer Electronics, Samsung said in a statement.

The management changes follow the resignation of CEO and Vice Chairman Kwon Oh-hyun, who announced his retirement on October 13 when his board term ends next year.

The 2017 Galaxy Note 7 recall - due to exploding batteries - also dealt the firm a crippling blow to its mobile business. The prices of DRAM and NAND memory chips soared as demand outpaced tight supplies.

As global tech giants such as Amazon, Google, Microsoft, Facebook and Apple expand their data centers and invest in connected cars, artificial intelligence and cloud computing, Samsung's semiconductor division appears invincible.

Its investment in infrastructure, mostly on chip plants, will reach a whopping 46.2 trillion won just for this year, compared to 25.5 trillion won in 2016, it said.

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