Samsung estimates it had a $9.4 billion quarter
Samsung estimates its quarterly profits rose 25 percent due to strong memory prices.
Samsung announced its earnings guidance for the July to September quarter today, with estimates of a profit of $9.4 billion on revenue of $53.9 billion.
While’s the company’s mobile phone division continues to struggle, a spike in prices in the memory market insulated its bottom line.
Analysts point to a supply crunch following a fire at the SK Hynix facility in Wuxi, China as a reason for the jump in Samsung’s profits. It’s estimated that SK Hynix’s output will shrink by 14 percent in the fourth quarter due to the fire.
If Samsung’s estimates are correct — its earnings are due on out October 25 — it would be a roughly billion dollar increase in profit from last quarter’s $8.5 billion, and three billion increase in revenue from the $51 billion in revenue it posted.