07/30/2024 – 21:49
Samsung Electronics said its net profit rose nearly sixfold in the second quarter compared with the same period a year earlier, with its semiconductor business generating more than half of overall operating profit.
Strong quarterly results from the world’s largest maker of memory chips and smartphones are the latest sign that demand for chips remains robust, fueled by the artificial intelligence boom, and continues to drive the South Korean technology giant’s profit recovery.
Net profit soared to 9.841 trillion won from 1.724 trillion won a year earlier, the company said. Profit rose 46% from the first quarter of this year. The result beat an estimate of 8.228 trillion won by analysts polled by FactSet.
Revenue for the quarter rose 23 percent to 74.068 trillion won, and operating profit increased nearly 16-fold to 10.444 trillion won, largely in line with the company’s preliminary estimates.
The company’s chip manufacturing business posted 6.450 trillion won in operating profit in the period, accounting for about 62 percent of its total quarterly operating income.
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