Samsung Electronics shares rose as much as 8.6% in afternoon trade to a record high, compared to a 3.9% rise in the wider market, due to an earlier-than-expected rebound in memory chip prices, analysts said.
The 9 trillion won estimate provided by the South Korean tech giant for profit in the December quarter was in line with a 9.1 trillion won analyst forecast by Refinitiv SmartEstimate despite weaker smartphone sales, marketing costs and a strong won versus U.S. the dollar.Samsung, the world’s biggest memory chip supplier and maker of smartphones, also said revenue likely rose 1.9% to 61 trillion won.
FILE PHOTO: The logo of Samsung Electronics is seen at its office building in Seoul, South Korea January 7, 2019. Picture taken January 7, 2019. REUTERS/Kim Hong-Ji Those prices will likely rebound in the current quarter, analysts said, as data centre customers return to buying chips, as well as demand from 5G smartphones, notebooks, graphics and automotive.
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