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Samsung 'expects profits rose' despite Note 7 recall Samsung expects higher profits despite Note 7 recall
(about 5 hours later)
Samsung Electronics has said it expects its operating profits rose by 5.6% in the third quarter, despite the global recall of its Galaxy Note 7 smartphone. Samsung Electronics says its operating profits are expected to have risen in the third quarter, despite the recall of its Galaxy Note 7 smartphone.
The firm forecast its July to September profits would be 7.8 trillion won ($7bn, £5.7bn). Profits for the July to September period are forecast to be 5.6% higher at 7.8 trillion won ($7bn; £5.7bn).
Analysts had expected worse numbers after the Note 7 recall over faulty batteries and 'exploding' phones'. Analysts had expected worse numbers after the Note 7 recall over faulty batteries and "exploding" phones.
The earnings guidance does not give any details about the performance of individual businesses.The earnings guidance does not give any details about the performance of individual businesses.
The flagship Galaxy Note 7 was recalled in 10 markets around the world, including the US, Europe and South Korea.The flagship Galaxy Note 7 was recalled in 10 markets around the world, including the US, Europe and South Korea.
Some estimates had suggested the recall would reduce Samsung's profits by 1tn won or more. Some estimates had suggested the recall would reduce Samsung's profits by 1tn won or more.
However, a strong performance by its chip and display business is expected to offset some of those losses. However, a strong performance by its chip and display business is expected to have offset some of those losses.
The earnings guidance did not comment on calls by investors to radically restructure the firm into two separate holding and operating companies.The earnings guidance did not comment on calls by investors to radically restructure the firm into two separate holding and operating companies.
On Thursday, Samsung had said it was it was "carefully reviewing" the suggestion. On Thursday, Samsung had said it was "carefully reviewing" the suggestion.