The Latest: Head of Samsung semiconductor unit to resign

In this Thursday, Oct. 12, 2017 photo, a visitor is silhouetted in front of a huge screen showing an image of Samsung Electronics' smartphones in Seoul, South Korea. Samsung Electronics says Friday, Oct. 13, 2017, its third quarter profit likely surged nearly three folds over a year earlier to a new record high. (AP Photo/Lee Jin-man)
This Thursday, Oct. 12, 2017 photo shows the corporate logo of Samsung Electronics Co. in Seoul, South Korea. Samsung Electronics said Friday, Oct. 13, 2017, its third quarter profit likely surged nearly three folds over a year earlier to a new record high. (AP Photo/Lee Jin-man)

SEOUL, South Korea — The Latest on Samsung Electronics (all times local):

10:30 a.m.

The chairman of Samsung Electronics' board of directors and one of the company's three chief executive officers says he will resign next year.

Kwon Oh-hyun said in a statement Friday that he will resign as the head of the company's semiconductor and component business and will not seek re-election on the board when his term expires in March.

Kwon is 65 and has been the face of Samsung in the absence of the company's de facto chief, Lee Jae-yong. Lee was convicted of corruption and sentenced to five years in prison in August. Samsung has two other CEOs each overseeing its mobile phone business and home appliance division.

Even though Samsung reported its best-ever quarterly profit, Kwon said Samsung is confronting unprecedented crisis and needs a new leader more than ever.

___

8:50 a.m.

Samsung Electronics says its third-quarter profit likely surged nearly three-fold over a year earlier to a new record high.

In its earnings preview on Friday, Samsung put its July-September operating profit at 14.5 trillion won ($12.8 billion), compared with 5.2 trillion won ($4.6 billion) a year earlier. Sales jumped 30 percent to 62 trillion won ($54.7 billion).

Analysts estimated 14.3 trillion won in operating profit according to financial data provider FactSet.

The results put Samsung on track to report its best ever annual earnings.

Analysts forecast Samsung's 2017 net income nearly doubled from 2016.

Still, the best is yet to come. They expect Samsung to outdo its annual financial results for the next few years thanks to an unprecedented boom in memory chips for mobile devices and servers.

You may also interested in

Governors back bipartisan Senate bid to control health costs

Sep 7, 2017

Some Republican and Democratic governors are the latest voices endorse a bipartisan Senate drive to control health insurance costs in defiance of President Donald Trump.

The Latest: Macron says intel-sharing with US to continue

May 19, 2017

The Latest: Macron says intelligence-sharing with US to continue in Africa military operations

Twitter leader laments social media role in Trump's election

May 21, 2017

A co-founder of Twitter says he's sorry if the popular social media platform helped put Donald Trump in the White House, as the president has suggested

People also read these

Governors back bipartisan Senate bid to control health costs

Sep 7, 2017

Some Republican and Democratic governors are the latest voices endorse a bipartisan Senate drive to control health insurance costs in defiance of President Donald Trump.

The Latest: Macron says intel-sharing with US to continue

May 19, 2017

The Latest: Macron says intelligence-sharing with US to continue in Africa military operations

Twitter leader laments social media role in Trump's election

May 21, 2017

A co-founder of Twitter says he's sorry if the popular social media platform helped put Donald Trump in the White House, as the president has suggested

Weather, 20 December
Houston Weather
+7

High: +11° Low: -2°

Humidity: 83%

Wind: NNE - 7 KPH

Canberra Weather
+27

High: +27° Low: +17°

Humidity: 87%

Wind: W - 20 KPH

Roissy-en-France Weather
+6

High: +6° Low: -5°

Humidity: 87%

Wind: ENE - 7 KPH

Florence Weather
+9

High: +9° Low: +6°

Humidity: 97%

Wind: ENE - 17 KPH

Parga Weather
+7

High: +16° Low: +4°

Humidity: 100%

Wind: SE - 25 KPH