Samsung estimates Q4 profit likely surged 50% to a 3 year high

(Reuters) – Samsung Electronics said on Friday its fourth-quarter profit likely leapt 50 percent from a year earlier to its highest level in more than three years, beating expectations on strong chip sales and a smartphone rebound.

The upbeat outlook comes despite a slight fall in revenue and the anticipated $2.1 billion profit hit from the withdrawal of the fire-prone Galaxy Note 7 premium smartphone in October.