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Samsung Q3 operating profit seen topping 100 trillion won for first time
En breve
Samsung Electronics is due to report preliminary third-quarter results on Oct 8, with brokerages expecting operating profit above 100 trillion won for the first time in the company's history and a first for a Korean company. The gain is driven by memory chips on AI data-centre demand, while the DX division making smartphones, TVs and appliances is expected to post a loss of about 2 trillion won as component costs rise.
Leer la noticia completa 3 min de lectura
Samsung Electronics is scheduled to release preliminary third-quarter results on Oct 8, with brokerages expecting the company to pass 100 trillion won in quarterly operating profit for the first time in its history and the first such figure for a Korean company. Consensus figures cited by the documents vary by publication date: FnGuide data reported on Oct 4 put operating profit at 108.13 trillion won on revenue of 201.73 trillion won; figures reported Oct 6 put operating profit at 108.68 trillion won on revenue of about 200 trillion won; and Oct 7 figures put operating profit at 106.94 trillion won, up 779.03% from a year earlier. Meritz Securities cited a lowered market expectation of 104 trillion won and forecast 106.1 trillion won. [ 1 , 2 , 3 , 4 , 5 ]
The memory business led the improvement. Bloter reported that Samsung posted operating profit of 57.2 trillion won in the first quarter and 89.5 trillion won in the second, driven by high-bandwidth memory and server DRAM, as expansion of computing and storage capacity by global big tech firms prolonged shortages of HBM, server DRAM and enterprise SSDs. Price data cited from TrendForce estimated second-quarter contract prices for general-purpose DRAM and NAND flash rose 58–63% and 55–60% quarter-on-quarter, with further increases of 13–18% and 10–15% expected in the third quarter. Samsung began mass-production shipments of HBM4 in February, and brokerages expect its HBM4 revenue to more than triple from the previous quarter. [ 1 ]
The DX division, which covers smartphones, TVs and home appliances, is expected to remain in loss. Bloter reported brokerage estimates of a third-quarter DX operating loss of about 2 trillion won — 1.8 trillion won at Eugene Investment & Securities and Shinhan Securities, and 2.1 trillion won at Hana Securities — against an 800 billion won loss in the previous quarter. Newsis reported IBK Investment & Securities projecting a 1.1 trillion won operating loss for the mobile and network businesses, and Yuanta Securities projecting a 900 billion won loss at MX and 200 billion won at the display and appliance businesses, which had posted roughly 10 billion won in losses in the second quarter. [ 1 , 3 ]
The documents attribute the DX losses mainly to cost. Rising DRAM and NAND prices raise component costs for TVs, appliances and smartphones, and passing those increases to consumers is difficult amid slow demand and competition from Chinese makers such as TCL and Hisense, Bloter reported. Bloter also said Galaxy Z Fold8 series sales exceeded expectations but limited price increases to secure market share, and that appliances face US tariffs on refrigerators and washing machines. [ 1 , 3 ]
Analysts are also looking to next year. Yonhap reported Meritz's Kim Sun-woo saying mobile memory prices for major customers are expected to rise more than 50% quarter-on-quarter from the first quarter of next year, and raising his 2026 operating profit estimate for Samsung from 562 trillion won to 632 trillion won — the documents say the customer was not named directly but was interpreted as Apple. KB Securities put next year's HBM price increase at 100% and forecast HBM4's share of Samsung's HBM revenue rising from 40% this year to 80% next year. [ 4 , 5 ]
Short-term risks were also flagged. Yonhap cited Goldman Sachs saying rebalancing of seven semiconductor ETFs worth about 19 trillion won could cause mechanical selling of Samsung shares on Oct 8, the same day as option expiry and the end of a buyback, and that a stronger won could leave third-quarter results about 5% below previous estimates. SK Hynix's third-quarter operating profit consensus stood at 77.22 trillion won, putting the two companies' combined figure near 184.16 trillion won; IBK Investment & Securities cut its SK Hynix estimates on exchange-rate effects while keeping a positive view on memory demand and shareholder returns. [ 4 , 5 ]
Por qué importa
Samsung's results are a marker of how far the AI-driven memory shortage has lifted Korean chipmakers, with the combined third-quarter operating profit of Samsung and SK Hynix seen approaching 200 trillion won. The same price surge is squeezing Samsung's own finished-product businesses and, per one analyst, raising costs for a major smartphone customer. Analysts also flag short-term share volatility around an Oct 8 ETF rebalancing and option expiry.
Datos clave
- Samsung Electronics is scheduled to announce preliminary third-quarter results on Oct 8, according to the documents. [ 1 , 2 , 3 , 5 ]
- Brokerage consensus forecasts put Samsung's quarterly operating profit above 100 trillion won for the first time in its history and a first for a Korean company. [ 1 , 2 , 3 ]
- The memory business drove results, with operating profit of 57.2 trillion won in the first quarter and 89.5 trillion won in the second, according to Bloter. [ 1 ]
- The DX division covering smartphones, TVs and home appliances is expected to post an operating loss of around 2 trillion won, versus an 800 billion won loss in the previous quarter. [ 1 , 3 ]
- Rising memory prices are a gain for the semiconductor business but a cost burden for the DX division, the documents say. [ 1 , 3 ]
- SK Hynix's third-quarter operating profit consensus was 77.22 trillion won, putting the two chipmakers' combined figure near 184.16 trillion won. [ 4 ]
- Goldman Sachs said rebalancing of seven semiconductor ETFs worth about 19 trillion won could cause mechanical selling of Samsung shares on Oct 8, the same day as option expiry and the end of a buyback. [ 5 ]
Confirmado por varias fuentes
- Samsung Electronics will release preliminary third-quarter results on Oct 8. [ 1 , 2 , 3 , 5 ]
- Brokerages expect Samsung to exceed 100 trillion won in quarterly operating profit for the first time, which would be a first for a Korean company. [ 1 , 2 , 3 ]
- The semiconductor (DS) division's memory business led the improvement, on demand for high-bandwidth memory and server DRAM amid a supply shortage. [ 1 , 3 , 4 ]
- The DX division covering TVs, home appliances and smartphones is expected to record an operating loss in the third quarter. [ 1 , 3 ]
- Rising memory prices raise costs for finished products such as TVs, appliances and smartphones, weighing on the DX division. [ 1 , 3 ]
Aún sin aclarar
- The exact size of Samsung's third-quarter operating profit. The consensus figures cited by the documents differ by publication date: 108.13 trillion won on Oct 4, 108.68 trillion won on Oct 6 and 106.94 trillion won on Oct 7, while Meritz cited a lowered market expectation of 104 trillion won.
- Whether Samsung's foundry business turns profitable in the third quarter. Bloter reports expectations that the foundry deficit narrows on 4-nanometre utilisation, and that some see a profit excluding bonus provisions, but no other document addresses this.
- Whether memory price increases will apply to Apple, which Bloter and Yonhap link to the mobile-memory outlook only indirectly. Yonhap reports a Meritz analyst saying mobile memory prices to a major customer will rise more than 50% quarter-on-quarter from the first quarter of next year, and that the documents say the customer was not named but was interpreted as Apple; some foreign media reports about a 20th-anniversary iPhone are also cited without confirmation.
- The scale of the effect of a stronger won and the Oct 8 ETF rebalancing on Samsung's reported results and share price. Goldman Sachs is the single source cited for a possible 5% cut to third-quarter estimates and for mechanical selling; no other document corroborates it.
Qué dicen los medios locales
Cronología, hora local
- Bloter reports that Samsung is expected to exceed 100 trillion won in quarterly operating profit for the first time, while the DX division is seen posting a loss of about 2 trillion won. [ 1 ]
- Newsis reports that Samsung's third-quarter results are due this week and that a first-ever 100 trillion won operating profit for a Korean company is in focus. [ 2 ]
- Newsis reports that the DX division is expected to remain in loss on cost pressure from rising memory prices, widening the gap between business divisions. [ 3 ]
- Newsis reports that the combined third-quarter operating profit of Samsung and SK Hynix is approaching 200 trillion won. [ 4 ]
- Yonhap reports brokerage expectations of strong results and faster growth next year, alongside flagged share-price volatility. [ 5 ]
- Samsung is scheduled to release preliminary third-quarter results, the documents say. [ 1 , 2 , 3 , 5 ]