Samsung Faces Investor Skepticism Over Profit Durability Ahead of Record Quarterly Earnings

Samsung Electronics Co. is expected to report its largest-ever quarterly operating profit of 108.5 trillion won ($80.8 billion) for the quarter ended September on Thursday, but investors remain unconvinced that the memory-chip boom has staying power, leaving shares about 25% below their June peak. Analysts estimate revenue surged 134% to a record 201.3 trillion won, with the chip division posting 110 trillion won in operating profit. Morgan Stanley and Citigroup recently cut Samsung's estimates, citing currency headwinds, while the market increasingly focuses on the 2027 and 2028 outlook rather than quarterly magnitude. Investor skepticism over the memory industry's boom-and-bust cycle intensified after Micron Technology Inc.'s bullish supply outlook failed to lift its stock. Societe Generale projects Samsung's earnings growth will slow sharply to 36% in 2027 and 6% in 2028, after exceeding 300% in 2026. Samsung's push into next-generation HBM4e chips is seen as a potential catalyst, though analysts say a sustained recovery requires confidence that earnings momentum carries into next year.