South Korean multinational conglomerate Samsung predicts its profit rose almost 60% last quarter, suggesting it could soon retake its position as the world’s top smartphone seller from Huawei.
Samsung said on Thursday that it expects to make an operating profit of roughly $10.6 billion for the July-September quarter. That’s up 58% from the same period a year ago. The predictions also beat the 26% profit rise specialists polled by data provider Refinitiv had predicted.
South Korean tech giant said it expects sales for the 3rd quarter will jump 6% to $57 billion. Analysts polled by Refinitiv had predicted $54.5 billion in sales.
Stocks in Samsung were last trading down 0.2% in Seoul.
Samsung, which did not elaborate on earnings, will provide full results for the 3rd quarter at the end of October.