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Samsung’s quarterly profit surges on chips, consumer electronics

Chips and appliances were Samsung’s second-quarter stars.

James Martin / CNET

Samsung’s operating profit showed strong growth in the second quarter, thanks to higher than expected chip prices and continued consumer demand for electronics during the pandemic.

A major South Korean electronics company reported that operating profit for the three months to June 30 was 12.5 trillion won ($ 10.8 billion), an increase of 54% compared to the same period last year. Its income increased by almost 20% to 63.6 trillion won ($ 55.2 billion).

Samsung’s fourth consecutive quarter of sales and profit growth marks Samsung’s full-year recovery. Samsung reported that sales fell 7.4% in the year-ago quarter as the consumer business struggled while the coronavirus struck the world.

Revenues from the mobile sector were down compared to the previous quarter due to COVID-19, ongoing supply shortages in the industry, and production turmoil.

More coming …

Samsung’s quarterly profit surges on chips, consumer electronics Source link Samsung’s quarterly profit surges on chips, consumer electronics

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