Connect with us

Hi, what are you looking for?


Samsung expects 53% profit boost in second quarter

Samsung expects 53% profit boost in second quarter


Samsung’s profit is up this quarter, but it probably had little to do with the company’s phones.

James Martin/CNET

Samsung expects its operating profit to surge in the second-quarter, likely fueled by higher chip prices and continued consumer demand for electronics during the pandemic. The company also said it benefited from a one-time gain.

The Korean electronics giant predicted Tuesday its operating profit for the three-month period ended June 30 would come in around 12.5 trillion won ($11 billion), an increase of 53% compared with the year-ago period. It also said it expects its revenue to increase by nearly 19% to 63 trillion won ($55.4 billion).

The earnings guidance, released Tuesday ahead of full earnings later this month, didn’t provide specific divisional results.

The quarter would represent a rebound of sorts for the Korean electronics giant, which in the year-ago period reported a 7.4% decline in sales as its consumer-facing businesses struggled while the coronavirus ravaged the globe.

Samsung sells more phones and TVs than any other vendor but said in the first quarter it expected revenue and profit from its mobile unit to decline due to a drop in smartphone sales and shortage of some components.

The company also sells more memory chips than any other company on the planet and likely saw its earnings for the quarter buoyed by strong demand for servers giving a boost the semiconductor market.

Worldwide semiconductor revenue rose 10.8% in 2020, and the market is expected to rise another 12.5% this year, IDC predicted in May, in spite of an ongoing global chip shortage.

Click to comment

Leave a Reply

Your email address will not be published.

You May Also Like


Cybercriminals Adopt the Blockchain to Broadcast confidential Messages A group of analysts from SophosLabs represents that programmers working the crypto-jacking malware, Glupteba, have been...


PUBG unban in India soon as PUBG Corp. Will The Government Of India Unban PUBG? PUBG Mobile was Ban in India, PUBG organization has...


A standard method to execute Bitcoin could be powerless against double-spending, the new examination has found. Blockchain sleuths at ZenGo, a wallet startup, have...

BlockChain News

HDD mining, also known as “storage mining”, is a process of obtaining cryptocurrency based on hard disk memory. Compared with traditional POW mining, hard...