Samsung Posts Record Profit in Q3 2017 As CEO Kwon Oh-Hyun Steps Down

Samsung today published its earnings guidance for Q3 2017 where it expects to post a record profit of $12.8 billion (14.5 trillion KRW), up by a staggering 179 percent from the same quarter last year. The estimated profit of the company has managed to beat market and analysts expectations.

In just the previous quarter (Q2 2017), Samsung had posted record profits of $12.67 billion (14.1 trillion KRW) and had managed to surpass Apple’s profit of $10.77 billion posted in the same quarter. Samsung’s impressive performance can be attributed to its chip, DRAM, and display division doing exceedingly well. The Korean company is supplying some key components to Apple which includes the OLED panel used on the 5.8-inch iPhone X. It was reported that Samsung could end up making $110 from every iPhone X unit that Apple sells.

While Samsung has not reported a breakdown of its earnings yet, its smartphone division should have also contributed to its record profits thanks to strong sales of the Galaxy Note 8 and Galaxy S8.

Despite a record-breaking quarter though, Samsung Electronics’ co-CEO and Vice Chairman Kwon Oh-hyun will step down from his position. His move comes as a surprise to many since Kwon was expected to head Samsung and play a greater role in its management after Jay Lee, heir of the company’s founder, was sentenced to five years in prison in August on bribery and corruption charges. Kwon will now be resigning from the company in March next year when his term ends.

[Via Samsung]