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    Samsung Electronics shares surge as record profits expected

    Business
    By 

    Last updated: October 10th, 2017 at 10:28 UTC+02:00

    Investors appear to be quite bullish as Samsung Electronics shares surged 4.5 percent today after the market opened in Seoul. Analysts expect the company to report record profits from its memory chips business for the third quarter of this year ending September. This is the biggest intraday percentage gain for Samsung Electronics shares since October last year.

    One of the conglomerate's other affiliates, Samsung SDI, also surged 4.5 percent when the market opened today. Samsung SDI is the affiliate that manufactures displays and batteries.

    Samsung Electronics Shares

    The company's share price hit a peak of 2.682 million won or $2,362 when the market opened earlier today. It has conceded some gains throughout the trading day, ending at 2.640 million won or $2,325. It's up 2.96 percent from the previous close.

    Samsung's Q3 2017 results are due this Friday and analysts expect that the company will report record profits from its memory chip business. Some analysts have already raised the price target for the company's shares to 3.5 million won or $3,080.

    Analysts expect Samsung to post an operating profit of 13.34 trillion won on earnings of 64.84 trillion won. Samsung posted record profits in the previous quarter as well. It actually became the most profitable tech company in the world. The company will certainly be looking to maintain the momentum.

    Via Business Samsung Electronics

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