Published: Thu, July 27, 2017
Sci-tech | By Jose Becker

Samsung's Q2 net profit hits record high

Samsung's Q2 net profit hits record high

Samsung pulled in 61 trillion won ($54.8 billion) in revenue and 14 trillion won ($12.6 billion) in profit for the three months ending June 31.

On an annual basis, Samsung's semiconductor division is widely expected to overtake Intel's sales this year, analysts at brokerages and market research firms say.

Manufacturers are packing more and more memory storage capacity into ever smaller mobile gadgets, as increased use of mobile applications, connected devices and cloud computing services drive up demand and consequently prices for memory chips, an area dominated by Samsung.

Though Samsung is the world's leading smartphone maker, it was bumper demand for memory chips that drove the company's earnings to new heights.

The firm's mobile division reported a 132 billion won loss, its ninth consecutive quarterly loss, hit by lackluster sales of its flagship G6 smartphone.

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Samsung said that despite the strong sales performance of premium smartphones, its total smartphone shipments remained at a similar level quarter on quarter, due to decreased sales of mid- to low-end products.

Since 2002, Samsung Electronics has been the largest supplier of memory chips, called DRAMs and NANDs.

Looking ahead, Samsung said its third quarter profit may decline as its upcoming launch of the latest iteration of the Galaxy Note series would boost marketing expenses. 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. Trading volume was moderate at 420 million shares worth 5.3 trillion won (US$4.7 billion), with gainers outpacing losers 430 to 356. Apple is forecast to report $8.2 billion in net profits next Tuesday, according to data by FactSet.

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. Harman also contributed KRW 2.15 trillion in revenue and KRW 0.01 trillion in operating profit. "As these [cloud infrastructure] players grow, they will only need more chips and that helps Samsung".

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