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Samsung beats Q3 estimates on strong smartphone sales

Updated Dec 19th, 2018 7:31PM EST

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Samsung issued pre-earnings guidance on Friday indicating it will beat profit estimates set by the Street for the third quarter thanks to strong demand for its smartphones. The South Korea-based company said its operating profit for the three month period ending this September will total roughly 4.2 trillion won ($3.6 billion), which bested estimates from a group of 28 analysts who collectively thought Samsung’s profit slide in at 3.7 trillion won. The company still took a big hit compared to the same quarter last year however, when Samsung reported operating profit of 4.86 trillion won. “It seems like there was a big surprise on the smartphone side,” Shinyoung Securities analyst Lee Seung Woo told Bloomberg. “I’m quite amazed.” Lee estimates Samsung has already shipped 30 million smartphones this quarter, half the figure it hopes to sell for the entire year. Samsung’s Galaxy S II handset has been its fastest selling smartphone ever, and models of the device are launching in the United States on AT&T, Sprint and T-Mobile.