Samsung Electronics likely to report best quarterly profit in 3 years

SEOUL: Samsung Electronics Co Ltd is likely to turn in its best quarterly profit in three years and a record revenue, on rising memory chip prices and brisk sales of its new foldable smartphones, analysts’ estimates show.

Operating profit for the world’s biggest memory chip and smartphone maker likely jumped to 16.1 trillion won ($14 billion) in the quarter ended September, according to a Refinitiv SmartEstimate from 16 analysts, weighted toward those who are more consistently accurate.

That would be up 30% from 12.35 trillion won a year earlier and the highest since the third quarter of 2018. Revenue likely rose 11% to 74.6 trillion won, a record high.