South Korean telecommunications giant Samsung Electronics on Tuesday forecast earnings of more than $ 14 billion in the fourth quarter.
The company expects its business earnings in the period from October to December, the all-time high for quarterly profits and nearly double the $ 9.2 billion announced a year earlier.
But that figure is below analysts' estimates, which average reaching $ 16.1 billion, according to a survey by Bloomberg.
The company's soaring financial performance boosted demand for memory chips and full-year operating profit projected to reach a record $ 50.4 billion profit.
Samsung must overcome the bribery scandal causing the company's de facto head, Lee Jae-Yong jailed as well as a record that damaged his image last year, due to the Samsung Galaxy Note 7's smart phone battery exploding.
Lee, who was found guilty in August for bribery, perjury and other charges relating to payments made by Samsung to secret Park Geun-Hye's secret creditor at by Choi Soon-Sil, appealed a five-year sentence and said he was innocent.
However, his actions had no impact on the demand for his product. Fourth-quarter sales are projected to jump 23.8 percent year-on-year to $ 66 billion, with full sales estimated at $ 239.6 billion.
The company will release its earnings report by the end of this month. [ps/jm]