Samsung Electronics Expects Operating Profits to Reach US $ 13.3 Billion in Third Quarter

South Korean tech major Samsung Electronics has announced that it is expecting profits to reach around 15.8 trillion won (US $ 13.3 billion) in a regulatory filing, up 27.9 percent year-on-year.

The company has defied the global supply chain challenges to forecast a near 30 percent jump in third quarter profits.

The company is the flagship subsidiary of Samsung group, by far the largest of the family-controlled empires known as chaebols that dominate business in South Korea, the world's 12th largest economy.

Samsung’s overall turnover is equivalent to a fifth of the country's gross domestic product.

Samsung Electronics estimated sales for the July-September period at 73 trillion won, up 9.0% y-o-y - a record for any quarter, the company spokesperson said.

The coronavirus has impacted the world economy, with lockdowns and travel bans imposed around the globe for many months, while also giving a boost to several tech companies.

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