Samsung’s Q3 earnings exceed analyst estimates
Industry observers give credit to smartphones, displays, processors
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삼성전자, 갤럭시탭 판매금지 손실 상쇄하고도 남을 호실적
세계 시장서 ‘확고한 1위’ 예측도…
Samsung Electronics Co., the world’s biggest maker of computer memory chips and the No. 2 mobile-phone maker, estimated its operating profit for the third quarter at a level higher than what analysts expected.
According to a regulatory filing released by the company yesterday, Samsung said its third quarter operating profit was 4.2 trillion won ($3.5 billion), which is a 13.6 percent decline from the 4.86 trillion won posted in the previous year.
But 4.2 trillion won was higher than the median market forecast of 3.5 trillion won in the three-month period.
Sales in July-September rose 1.9 percent year-on-year to 41 trillion won. The company didn’t announce an estimate of its net income.
Samsung said it is scheduled to release results of actual earnings with details later this month.
Although Samsung didn’t give reasons for the stronger-than-expected results, market analysts said Samsung performed better than analysts’ estimate because of skyrocketing smartphone demand, hinting that its Galaxy S2 phone was behind the company’s earning surprise.
From July to September, Samsung is estimated to have shipped 28.5 million smartphones, according to Daewoo Securities Co.’s analyst James Song.
Song estimated Samsung’s mobile communications division posted a record-high operating profit of at least 2 trillion won during the quarter.
Analysts said the company’s Galaxy S2 smartphones have been well received in overseas markets, trailing closely behind Apple.
Research done by Strategy Analytics said the global smartphone market share in the second quarter was 18.5% for Apple, 17.5% for Samsung, 15.2% for Nokia and 48.9% for other manufacturers.
The report suggested Samsung overtook Nokia to become the world’s second-largest smartphone vendor after Apple in the second quarter with its Android-based Galaxy models.
In the second quarter of the previous year, Samsung had only 5 percent of global smartphone market share while Nokia and Apple had 38.1 percent and 13.5 percent respectively.
The company released the Galaxy S2 smartphones in the U.S. market in the third quarter. Global sales of the Galaxy S2 hit 10 million units within five months of its debut, Samsung said last month.
Shares of Samsung closed yesterday at 860,000 won on the Seoul bourse, up 5,000 won from Thursday’s close of 855,000 won.
Booming demand for mobile devices around the world also helped shore up sales of Samsung’s high-end mobile processors and premium mobile-phone display panels, analysts said.
Sales of smartphones, mobile chips and display panels for mobile phones are estimated to have contributed 90.9 percent of Samsung’s third-quarter operating profit, said No Geun-chang, an analyst at HMC Investment Securities Co. They accounted for 75.6 percent of Samsung’s operating profit in the previous quarter.
But the company’s LCD business likely posted an operating loss for a third consecutive quarter as sales of high-end mobile panels failed to offset a slump in TV panel sales.
Analysts said they estimate Samsung posted over 1 trillion won in operating profit in its semiconductor division in the third quarter, despite falling prices of D-RAM semiconductors, with its shored up cost-competitive manufacturing capacity and the product differentiation.
Analysts said Samsung’s profit will improve in the fourth quarter from the previous three months if the local currency stays weak against the U.S. dollar. A soft local currency will give Samsung an upper hand in price competition against other exporters.
By Kim Mi-ju, Yonhap [firstname.lastname@example.org]