Samsung Electronics shares hit another record high
Despite all of the troubles that it has had to put up because of the Galaxy Note 7 over the past few months, investors are still confident in Samsung’s business and that confidence is reflected in the performance of the company’s stock. Samsung Electronics shares have hit a fresh record high of 1.86 million won (roughly $1,550) a pop. This wasn’t just the intraday high but the stock’s closing price yesterday and the level appears to be holding so far, it was a 2.82 percent increase of 51,000 won from the previous day.
The recent rally can partly be attributed to Samsung’s earnings guidance for the fourth quarter of 2016. The company expects to post a 50 percent year-over-year increase in operating profit despite the fact that it has had to absorb the financial impact of the Galaxy Note 7 recall. However, the company’s bottom line has been supported by robust sales of its chips and displays that have helped offset the losses from the Galaxy Note 7.
Samsung is due to announce the full earnings report for Q4 2016 in the near future. Investors are likely to remain interested in the company’s stock as it’s expected to come out swinging for the fences with the Galaxy S8.Via