Samsung Electronics says third quarter operating profit likely rose 5.6 percent year on year

Reuters News
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Posted: Oct 06, 2016 7:45 PM

SEOUL (Reuters) - Samsung Electronics Co said it expects third-quarter operating profit rose 5.6 percent, beating estimates, as a pickup in chip and display business likely offset the impact of a global recall of its Galaxy Note 7 smartphone.

The world's biggest smartphone maker said on Friday in a brief regulatory filing July-September profit was likely 7.8 trillion won ($7 billion), compared with the 7.4 trillion won tipped by a Thomson Reuters StarMine SmartEstimate of analysts' forecasts, and the 7.4 trillion won it reported a year earlier.

Revenue for the quarter likely fell 5.2 percent to 49 trillion won, Samsung said.

Samsung's filing disclosed only overall numbers, giving no details of how its various businesses performed in the quarter. The company is scheduled to issue full results in late October.

(Reporting by Se Young Lee; Editing by Kenneth Maxwell)