Samsung Electronics announced its earnings guidance for the third quarter of 2019.

•     Consolidated Sales: Approximately 62 trillion Korean won
•     Consolidated Operating Profit: Approximately 7.7 trillion Korean won

Samsung's press release notes that the "above estimates are based on K-IFRS. Please note that Korean disclosure regulations do not allow earnings estimates to be offered as a range. To comply with such regulations, the above figures represent the median of the estimate ranges provided below."

•      Sales: 61 ~ 63 trillion Korean won
•     Operating Profit: 7.6 ~ 7.8 trillion Korean won

We noted in a report on Friday that the Korea Herald claimed that Samsung's smartphone profit would come in around US$1.7 billion.

Digitimes reports today that the sales figure represent a 10.45% sequential increase and a 5.28% on-year decline.

The profit figure represents a 16.66% sequential growth and a 56.17% on-year drop.

Samsung's profits have taken a beating over the past year, largely because of a slump in its memory chip business. But SK Kim, an analyst at brokerage firm Daiwa Capital Markets, said last month that he expects a boost in Samsung's memory chip demand thanks to its advances in extreme ultraviolet lithography, a key breakthrough in chip manufacturing.

Samsung also has a huge business making components for rival device manufacturers. Analysts at Daishin Securities said in a note last week that the company's memory chip and display businesses should show signs of growth thanks to new flagship phones from Apple (AAPL) and Huawei.

Samsung is expected to report full earnings at the end of the month. For more on this, read the full CNN Business report.

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