Samsung Electronics Co Ltd forecast a sharp jump in quarterly profit, trumping expectations and sending its shares surging as favorable currency rates and robust component sales appeared have to offset weakness in smartphones.
The extent of the expected quarterly profit gain, its first in two years, will do much to allay concerns that the South Korean tech giant's earnings would not be able shake off the loss of smartphone market share to Apple Inc in the premium segment and to Chinese rivals at the lower end.
Samsung Electronics estimated July-September operating profit would leap 80 percent from a year earlier to 7.3 trillion won , higher than a 6.7 trillion won profit Thomson Reuters SmartEstimate derived from 30 analysts.