South Korean company Samsung Electronics is preparing to announce its best quarterly profit in three years with record revenue figures, Reuters reported.
According to analysts, the company is likely to see record revenue from rising memory prices and higher sales of its recently launched foldable smartphones, the Galaxy Z Fold3 and Galaxy Z Fold3. It has already been confirmed that the company has sold over a million units of these smartphones so far in South Korea.
According to Refinitiv SmartEstimate, which surveyed 16 analysts, operating profit for the world's largest manufacturer of memory chips and smartphones jumped to $ 14 billion in the quarter ended September 30.
If this turns out to be true, then the company is going to report a 30% increase in operating profit. The past quarter will be the best since the third quarter of 2018. It is reported that revenue will increase by 11% to $ 62.5 billion.
A global semiconductor shortage has pushed prices higher amid the Covid-19 pandemic, bringing Samsung stock soaring 45% last year to a record high in early 2021.
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