Samsung sees 72% profit growth in April-June
7 July 2017 4:41 PM GMT
Samsung Electronics expects profits to soar 72 per cent in the second quarter to a record high, it said on Friday, as it moves on from a recall debacle thanks to rising memory chip prices and increased demand for smartphones.
The South Korean tech giant estimated its operating profit for April-June at 14 trillion won ($12.1 billion), up from 8.14 trillion won a year earlier.
That would reportedly make it more profitable in the period than US behemoth Apple, where consensus analyst forecasts point to a profit of $10.6 billion.
"Samsung is believed to have topped the list of global IT companies, surpassing Intel and Apple, in terms of operating profits for the first time in history," said Kim Dong-Won of KB Securities.
It would also be Samsung Electronics' highest-ever quarterly operating profit, surpassing the 10.1 trillion won of the third quarter of 2013.
Samsung has benefitted from increased shipments and strong prices for DRAM and NAND semiconductor chips, as it put behind it last year's Galaxy Note 7 recall fiasco.
It appears not to have been distracted by the corruption trial of its detained vice-chairman Lee Jae-Yong.
Brisk sales of its new flagship Galaxy S8 smartphones, rising demand for flexible OLED products as well as soaring LCD panel prices also drove its earnings, analysts said.
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