Samsung eyes record Q4 profits of $14bn
13 January, 2018
South Korean giant Samsung Electronics announced last Tuesday it expects record operating profits of 15.1tn won ($14.1bn) in the fourth quarter. It is an all-time high for quarterly profits and nearly double the 9.2tn won posted a year earlier. But the figure was below earlier forecasts, news wires reported. The firm's financial performance, which soared on the back of demand for its memory chips, is projected slightly below the 15.9tn won, estimated by analysts in Reuters survey. Samsung also had to overcome a bribery scandal that saw the company's de-facto head Lee Jae-Yong thrown into jail as well as a damaging recall last year of its flagship Galaxy Note 7 smartphone over exploding batteries.
Next month, Samsung is expected to roll out its new flagship smartphone, the Galaxy S9, to compete with rival Apple's iPhone X. Last week, the company also unveiled its first set of components for autonomous driving and infotainment solutions developed with Harman International. Samsung bought Harman in an $8bn deal last year, the biggest overseas acquisition ever by a South Korean company. At the trade show in Las Vegas, Samsung unveiled an automotive camera system featuring collision warning, lane-departure warning, and adaptive cruise control, developed in collaboration with Harman. Samsung also showcased a “digital cockpit” that allows drivers to personalise cars even if they do not own them, as it pulls users' profiles from their mobile devices and the cloud.