Samsung gets triple crown in record Q2 earnings on brisk chip sales

Samsung gets triple crown in record Q2 earnings on brisk chip sales”

Operating profit was 14.07 trillion won (12.64 billion US dollars) in the April-June quarter, up 72.72 percent from a year earlier, Samsung said in a statement Thursday. The company says operating profits surpassed 12.6-billion USA dollars during the second quarter this year, a near 73-percent increase compared to the same period last year.

Samsung Electronics almost doubled its net profit in the second quarter, thanks to strong growth in its components and handset businesses and the takeover of consumer electronics group Harman.

Samsung - the world's largest maker of mobile phones as well as memory chips - provides its chips to other companies including archrival Apple.

The chip business was Samsung's top earner as profit rose to a record 8 trillion won from 2.6 trillion won in the second quarter of 2016.

Samsung Electronics said a memory chip boom that propelled it to record profit in the second quarter is likely to continue in the third, just as revenue is widely expected to benefit from sales of OLED screens to Apple.

Analysts had forecast 10.1 trillion won in net profit according to FactSet, a financial data provider.

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Samsung's record earning come as the firm's Vice Chairman Jay Y. Lee is in detention while on trial for his alleged role in a corruption scandal involving South Korea's former president Park Geun-hye.

Intel, due to report its earnings later Thursday, is expected to book $14.4 billion in quarterly revenue. Its turnover also hit a record high, achieving 61 trillion won, up 19.76 per cent, Efe news quoted the statement as saying. Client demand for more powerful devices and supply constraints are pushing up prices of both DRAM and NAND memory chips, widening profit margins.

"The S8 has indeed helped get Samsung back onto its feet, hopefully putting the Note 7 debacle behind it", Bryan Ma, a technology industry analyst at IDC, said before the announcement.

First, the numbers - Samsung made $12.7 billion of operating income and $9.7 billion of pure profit last quarter, the highest in the company's history.

Despite the strong performance of premium products, sales of mid- to low-end smartphones declined in the quarter, leading Samsung's total smartphone shipment to remain at a similar level on a quarterly basis.

In its mobile division, Asia's third most-valuable company by market value reported 4.7 percent fall in profit, slightly milder than the decline forecast in early July.

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