Samsung posts best quarterly profit amid chip boom

27 Июля, 2017, 18:27 | Author: Devin Moran
  • With leader jailed, Samsung reports record $9.7 billion profit

South Korean stocks traded higher late Thursday morning, after Samsung Electronics, the top cap here, reported its all-time high earnings for the second quarter.

Net profit increased to KRW 11.05 trillion from KRW 5.85 trillion a year ago, as sales rose 20 percent to KRW 61.00 trillion.

Samsung's chip unit posted 17.5 trillion won in sales and 8 trillion won in operating profit, accounting for more than half of the firm's total operating profit.

Servers are driving demand for DRAM, particularly 64GB and denser devices, while demand for NAND is expected to grow on the back of new phone launches. The company said that growth is slowing for products used in smartphones, but remains solid for servers.

Intel, which reports its quarterly earnings later Thursday, is expected to report $14.4 billion in quarterly revenue.

Mobile devices and data are the keys to understanding Samsung's ascent as the new industry leader, even as its de facto chief is jailed, battling corruption charges, and it recovers from a fiasco over Galaxy Note 7 smartphones that had to be axed past year because they were prone to catch fire.

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Samsung said its record-high earnings were mainly buoyed by the booming chip market amid rising demand for storage products.

Coupled with tight supply conditions, the surge in demand drove up the prices of memory chips over the past year, allowing the world's two largest memory chip makers, Samsung and SK Hynix, to enjoy an unprecedented level of profitability. Analysts expect the iPhone maker to report revenue of $44.9 billion and an operating profit of $10.5 billion, according to Reuters and Bloomberg data.

The Journal said Apple has a projected net income of $8.2 billion for the three-month period, in what is traditionally a weaker quarter for the world's most-valuable company.

Earlier this month, Samsung announced plans to invest $18 billion to expand and upgrade its chip plants in Korea, with the aim of extending its lead in the market.

Another victor was the display panel unit, which saw operating profit jump twelvefold to 1.7 trillion won, topping 1 trillion won for the fourth consecutive quarter.

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