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Samsung Anticipating Record Third Quarter as Mobile Head Departs

Fri, 10/04/2013 - 9:57am
Ben Munson

Samsung is anticipating a third quarter operating profit between 9.9 trillion won and 10.3 trillion won ($9.2 and $9.6 billion) that would trounce the record of 9.5 trillion won set in the previous quarter.

In earnings guidance issued today, the South Korean OEM estimated growth of approximately 25 percent over the 8.12 trillion won it posted in the same quarter last year.

Samsung also predicted sales coming in between 58 trillion won and 60 trillion won ($54 billion and $56 billion), which would put it nearly 12 percent ahead of the 51.8 trillion won ($48.3 billion) it posted in the third quarter of 2012.

Despite the huge numbers, the Wall Street Journal found analysts like Greg Roh and HMC Investments & Securities who were skeptical about the “sustainability of smartphone-driven profits.”

Adding to the uncertainty, the New York Times reports that Kevin Packingham, chief product officer for the mobile division of Samsung Electronics, has left the company. Samsung confirmed his departure but did not address specific reasons. Packingham had a hand in developing some of the company’s most successful products like the Galaxy SIII.

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