Samsung Electronics said on Friday its third-quarter operating profit likely nearly tripled from a year earlier to a new record, beating analyst estimates, as strong memory chip prices fattened margins.

The Apple smartphone rival and global memory chip leader said third-quarter operating profit was likely 14.5 trillion won ($12.81 billion), compared with the 14.3 trillion won average of 20 analyst estimates in a Thomson Reuters poll.

Revenue likely rose 29.7% from a year earlier to 62 trillion won, versus the analysts’ average forecast of 62.1 trillion won.

Samsung shares were trading at a new record high of 2.74 million won as of Thursday, as investors bet on record earnings in 2017 driven by growing demand for memory chips with ever greater processing power.

Brisk sales of the latest Galaxy Note 8 smartphone, launched in mid-September, further helped lift its mobile profit as it recovered from last year’s costly withdrawal of the fire-prone Note 7, analysts said.

Samsung did not elaborate on its July-September performance and will disclose detailed results at the end of October. Analysts have tipped its chip division to propel the firm to record overall profit.

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Source:: Fortune.com – Tech

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