Samsung Electronics stock hits new highs on record earnings forecast
Samsung Electronics stock has been performing spectacularly over the past year as the company’s turnaround story has proven to be one for the history books. Even when there was much uncertainty on the company’s leadership front investors were still pushing the stock to new highs.
Now that the company has forecasted record earnings, investors are more bullish on the stock than ever before. No wonder why the Samsung Electronics stock price has reached a new all-time high. The year-to-date return on Samsung Electronics stock currently stands at 40.29 percent. That’s impressive, to say the least.
The company’s stock hit an all-time high of 2,541,000 won or $2,232 during early morning trading today. The trend has been on the upside in recent days so it has not at all been surprising to see the stock break the 2.5 million won mark for the first time ever.
The positive trigger comes from Samsung’s earnings guidance for the second quarter of this year. It has predicted consolidated sales of 60 trillion won or $53 billion with an operating profit of 14 trillion won or $12.1 billion.
These figures are going to make Samsung the most profitable technology company in the world in Q2 2017. It will overtake Apple in operating profit for the first time ever.
It will be far ahead of the major tech companies like Google, Facebook, Amazon and Netflix who posted $11.15 billion in operating profit combined in the previous quarter.
As I mentioned, this is proving to be one for the history books.