The Latest: Head of Samsung semiconductor unit to resign


The Latest on Samsung Electronics (all times local):

10:30 a.m.

The chairman of Samsung Electronics' board of directors and one of the company's three chief executive officers says he will resign next year.

Kwon Oh-hyun said in a statement Friday that he will resign as the head of the company's semiconductor and component business and will not seek re-election on the board when his term expires in March.

Kwon is 65 and has been the face of Samsung in the absence of the company's de facto chief, Lee Jae-yong. Lee was convicted of corruption and sentenced to five years in prison in August. Samsung has two other CEOs each overseeing its mobile phone business and home appliance division.

Even though Samsung reported its best-ever quarterly profit, Kwon said Samsung is confronting unprecedented crisis and needs a new leader more than ever.

___

8:50 a.m.

Samsung Electronics says its third-quarter profit likely surged nearly three-fold over a year earlier to a new record high.

In its earnings preview on Friday, Samsung put its July-September operating profit at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won ($4.6 billion) a year earlier. Sales jumped 30 percent to 62 trillion won ($54.7 billion).

Analysts estimated 14.3 trillion won in operating profit according to financial data provider FactSet.

The results put Samsung on track to report its best ever annual earnings.

Analysts forecast Samsung's 2017 net income nearly doubled from 2016.

Still, the best is yet to come. They expect Samsung to outdo its annual financial results for the next few years thanks to an unprecedented boom in memory chips for mobile devices and servers.


Reader Comments ...


Next Up in Nation World

Colin Kaepernick not invited to annual owners and NFLPA meeting
Colin Kaepernick not invited to annual owners and NFLPA meeting

NFL owners and the NFL Players Association met in New York Tuesday for a regularly scheduled meeting with the topic of the national anthem protests in mind. Knowing this, many players were expecting one important free agent to be invited in Colin Kaepernick considering he was the person who got it all started. However, it was made clear that he...
42 percent of HS seniors not to graduation bar yet
42 percent of HS seniors not to graduation bar yet

About 58 percent of current Ohio high school seniors have already met or exceeded new test score requirements for graduation, according to a presentation at Tuesday’s state school board meeting. That means 42 percent of seniors either need to score well on those tests in the next six months, or take advantage of a wide swath of new pathways to...
19-year-old arrested after 6-year-old Washington boy found in dumpster
19-year-old arrested after 6-year-old Washington boy found in dumpster

A 19-year-old man from Kerrville, Texas, who is a relative of the boy and was visiting family in Lynnwood, Washington, has been booked into the Snohomish County Jail for first-degree murder of 6-year-old Dayvid Pakko. A police statement alleges the 19-year-old admitted to filling a bathtub with water with the intention of drowning Dayvid, then called...
Warming trend continues; lower temps arrive next week
Warming trend continues; lower temps arrive next week

A slow warming trend is underway with above-average temperatures expected Wednesday. Temperatures of 70 degrees will return through the weekend as a massive area of high pressure slowly pushes across the eastern half off the country, Storm Center 7 Chief Meteorologist Eric Elwell said. However, a major pattern shift is underway in northwestern Canada...
'Nuclear war may break out any moment': North Korea intensifies rhetoric against USA
'Nuclear war may break out any moment': North Korea intensifies rhetoric against USA

North Korea’s deputy U.N. ambassador warned Monday that the situation on the Korean peninsula “has reached the touch-and-go point and a nuclear war may break out any moment.” Kim In Ryong told the U.N. General Assembly’s disarmament committee that North Korea is the only country in the world that has been subjected to &ldquo...
More Stories