Samsung expects its 2016 Q3 profit grew 5.6%, beating estimates

Samsung expects its 2016 Q3 profit grew 5.6%, beating estimates

Samsung expects its 2016 Q3 profit grew 5.6%, beating estimates

In a brief filing on Friday, the world's biggest smartphone manufacturer Samsung Electronics said that it expects its 2016 third-quarter profit to have increased by 5.6 percent, surpassing analysts' estimates.

The full financial results for the 2016 third quarter will be issued by Samsung late October.

In expecting a 5.6 percent growth in 2016 third-quarter profit, Samsung specifically mentioned in the Friday brief filing that it had likely generated an operating profit of 7.8 trillion won ($7 billion) during the July-September 2016 quarter. The reported figure beats the 7.4 trillion won operating profit estimated by analysts in a Thomson Reuters StarMine SmartEstimate forecast.

The profit jump expected by Samsung for the 2016 third quarter is highly noteworthy, especially in the wake of the fact that the company has had to deal with Galaxy Note 7 battery-explosion issues, which prompted a global recall of the handsets.

Apparently, the impact of the global recall of Galaxy Note 7 handsets by Samsung was counterbalanced by an increase in the company's chip and display earnings in the third quarter.