In an earnings forecast that beat analyst estimates, Samsung said its operating profit for the July-September period would stand at around 7.8 trillion won ($7.0 billion), compared to 7.39 trillion won a year ago. The estimate was down on the 8.1 trillion won profit posted in the second quarter. It predicted third-quarter sales of 49 trillion won, down from 51.7 trillion won a year ago. Samsung responded warily, saying it would “carefully review” the plan, which pushed the company’s share price to a record high on Thursday. Entities controlled by Elliott, the hedge fund run by billionaire Paul Singer, own about 0.62 percent of Samsung.

Source: Manila Times October 07, 2016 05:37 UTC