Samsung Stocks Rose as it Flagged 28% Hike on Q3 Profit

On Friday, the stocks of Samsung Electronics rose as it flagged its third-quarter 2021 operating profit guidance to be 28.00% higher than last year.

The South Korean tech giant edged up 0.42% or 0.25 points to $60.22 per share, rising from its $59.97 share price yesterday.

The company is the flagship subsidiary of the multinational conglomerate firm Samsung Group, the largest Korean family-controlled business empire. 

Moreover, it currently holds a market capitalization of $403.21 billion and shares outstanding of $5.69.

Additionally, Samsung’s July to September profit defied the global chip shortage as it posted at $13.26 billion. This is significantly higher than the $10.34 billion a year ago.

Accordingly, this would be the best quarterly profit since 2018, when the firm reached $14.71 billion.

However, the forecasted figure slightly came in lower from the analysts’ projection of $13.48 billion. 

Also, consolidated sales for the third quarter are anticipated to hit a record high of $61.14 billion, 9.00% higher than previous reports in 2020.

Moreover, the world’s largest smartphone and chip producer did not provide a detailed report of the performance of its business units. 

Subsequently, investors looked forward to the full third-quarter report later this month. 

The coronavirus pandemic caused the downturn of the economy but boosted the sales of tech companies. 

The worldwide shift to working from home uplifted the demand for digital devices powered mostly by Samsung chips.

However, supply bottlenecks were currently manifested, impeding most of the tech productions. 

Meanwhile, Samsung and Apple have been shielded from the global chip scarcity as they have stockpiled the essential components. 

Conversely, most huge smartphone manufacturers grapple with the needed parts. 

Then, Apple hiked 0.18% or 0.26 points to $143.55 on the after-hours trading. 

Meanwhile, Xiaomi declined 2.34% or 0.06 points to $2.68 per share. 

Asia-Pacific Market Mixed as Samsung Climbed

Furthermore, shares in the Asia-Pacific market struggle to look for a direction. 

Accordingly, South Korea’s KOSPI plummeted 0.08% or 2.58 points to $2,956.88 per share.

In China, the Shanghai Composite index increased 0.33% or 11.79 points to $3,579.96 per share.

Likewise, the benchmark Shenzhen Component strengthened 0.55% or 78.88 points to $14,387.89 per share.

In Hong Kong, the Hang Seng index lost 0.26% or 65.27 points to $24,636.46 per share. 

In India, the NIFTY 50 index improved 0.62% or 104.45 points to $17,894.85 per share. 

Elsewhere, Australia’s S&P/ASX 200 index inched up 0.84% or 60.90 points to $7,317.60 per share. 

Inversely, New Zealand’s S&P/NZX 50 index lowered 0.14% or 18.01 points to $13,086.60 per share.