“Samsung is powering toward record profits thanks in part to Apple’s new iPhones,” Sherisse Pham reports for CNN Business.The two tech companies compete aggressively in high-end smartphones, but Samsung also provides key parts for Apple’s devices.”

“The South Korean electronics maker said Friday it expects to pull in as much as 17.6 trillion won ($15.6 billion) in operating profit for the three months ended in September,” Pham reports. “That’s a jump of more than 20% from the same period a year earlier and Samsung’s highest quarterly earnings ever.”

“The bumper profit haul was likely driven by strong sales in memory chips and higher earnings in Samsung’s display and consumer electronics business, according to SK Kim, an analyst with investment bank Daiwa Capital Markets. The higher margins for flexible screens Samsung is supplying for the new range of iPhones helped boost earnings, Kim said,” Pham reports. “Business from Apple accounts for 25% to 30% of sales at Samsung’s display division, he added. The unit generated about 10% of the South Korean company’s 54 trillion won ($48 billion) profit last year.”

Read more in the full article here.

MacDailyNews Take: The quicker LG Display et al. get proficient at pumping out OLED in quantity with good yields, the better!

SEE ALSO:
Apple adds LG Display as second supplier of OLED displays – June 28, 2018
Apple struggles with effort to diversify display suppliers, can’t manage to cut dependence on rival Samsung’s screens – April 20, 2018