Samsung Electronics predicts record high operating profit for Q3

Samsung Electronics' Galaxy Note 8 are seen on display at its store in Seoul South Korea

Samsung Electronics' Galaxy Note 8 are seen on display at its store in Seoul South Korea

Tech giant Samsung Electronics Co Ltd estimated on Friday its third-quarter operating profit almost tripled from a year earlier, beating expectations as strong memory chip prices likely padded margins.

The Apple Inc 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.

Sales are estimated to have surged 29.65 percent on-year to 62 trillion won.

The record profits are likely backed by a recovered mobile division - the well-received Galaxy Note 8 began sales last month - and the continuing high-demand for its memory chips.

Samsung is way ahead of rivals in technology updates in its memory business; last month it began producing 128GB eUFS for auto systems.

Its technology lead and massive production capacity has allowed it to secure both high-price and volume.

The precise contributions of each business will be announced at a later date.

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