Worldwide

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.

More news: OJ Simpson at USC practice? Not any time soon, Clay Helton says

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.



Like this

loading...
loading...

Latest


28 July 2017
McDonald's Corporation (NYSE:MCD) Stake Held by Searle & CO
The Firm designs, makes and markets a range of products for the heating, ventilation, air conditioning and refrigeration markets. Wilbanks Smith And Thomas Asset Mngmt Ltd Liability Com invested 0.07% of its portfolio in McDonald's Corporation (NYSE:MCD).

28 July 2017
NA Has $273000 Stake in Western Union Company (The) (NYSE:WU)
Exxonmobil Invest Management Inc Tx holds 0.05% of its portfolio in The Western Union Company (NYSE:WU) for 112,228 shares. Finally, Mizuho initiated coverage on shares of Western Union Company (The) in a research report on Tuesday, June 27th.

28 July 2017
CMP proposing new transmission line to tap Hydro-Quebec power
In 2014, emissions were 21 percent below 1990 levels, according to the state Department of Environmental Protection. Renewable energy generators and transmission developers are scrambling for a piece of the action.

28 July 2017
The RPC, Inc. (RES) Downgraded to Neutral at Seaport Global Securities
Jefferies Group LLC reaffirmed a "buy" rating and issued a $26.00 target price on shares of RPC in a report on Friday, July 21st. Eleven investment analysts have rated the stock with a hold rating and nine have assigned a buy rating to the company.

28 July 2017
Sammy Wakins is a "full-go" to start training camp
Buffalo's 2014 first-round pick has plenty of incentive to stay healthy and produce. Watkins' health issues through his career extend beyond his foot.

28 July 2017
World Acceptance Corporation (NASDAQ:WRLD) Receives An Update From Brokers
Lmr Prns Limited Liability Partnership has invested 1.37% in Credit Acceptance Corp. (NASDAQ:CACC) rating on Tuesday, November 10. Following the transaction, the senior vice president now owns 4,360 shares in the company, valued at $361,138.80. (NASDAQ:CACC).

28 July 2017
Pregnant Mindy Kaling Talks 'Mindy Project' at TCA Press Tour
The episode will tackle the larger discussion about mom-shaming that has become a hot topic online and in blogs. For more on Kaling, watch below.

28 July 2017
MAC Cosmetics is Giving Away Free Lipstick Tomorrow
You should know because MAC Cosmetics is giving away free (!) full-sized (!) lipsticks to lots of lucky makeup lovers. But this new giveaway is even easier than all that.

28 July 2017
IN police officer fatally shot after responding to vehicle crash
Kendale Adams of the Indianapolis Metropolitan Police Department at a press conference, according to the Associated Press . Southport police Chief Thomas Vaughn confirming it in a press conference at Eskenazi Hospital, where Allen was taken.

23 June 2017
Marvel Looks To Shake Its Poor Gaming Reputation
The games are well designed with attractive graphics and extensive content, but neither is viewed as a flawless experience. These games tend to be actually well done for what they are, and in a way they’ve been the pride of Marvel gaming.