Samsung Electronics forecasts 25.7% jump in Q4 operating profit

351

Seoul

South Korean tech giant Samsung Electronics flagged a jump of more than 25 percent in fourth-quarter operating profit Friday, with pandemic-induced working from home driving demand for devices powered by its chips. The world’s biggest manufacturer of smartphones and memory chips said in an earnings estimate that it expected operating profit of 9 trillion won ($8.23 billion) for October to December, up from 7.16 trillion won a year earlier. The prediction was slightly short of analyst forecasts of 9.34 trillion won, compiled by market researcher FnGuide, but Samsung shares jumped on the news, closing 7.12 percent higher in Seoul. The coronavirus pandemic has wreaked havoc with the world economy, but has also seen many tech companies boom. LG Electronics, South Korea’s second-largest appliance firm after Samsung, forecast its highest-ever fourth-quarter operating profit on Friday, projecting it would soar more than five-fold year-on-year to 647 billion won.—AFP