Saturday, 18 September 2021 08:01 GMT

Samsung expects strong chip demand to continue in H2 after robust Q2 results


(MENAFN - Trend News Agency ) Samsung Electronics Co. on Thursday expected solid chip demand to continue in the second half of the year with recovery in the mobile business after delivering robust second-quarter performance, Trend reports citing Yonhap .

Its net profit stood at 9.63 trillion won (US$8.3 billion) in the April-June period, up 73.4 percent from a year earlier, the world's largest memory chip and smartphone vendor said in a regulatory filing.

Its second-quarter operating profit jumped 54.3 percent on-year to 12.56 trillion won, the largest since the third quarter of 2018, while sales rose 20.2 percent on-year to 63.67 trillion won over the cited period, the largest for any second quarter to date.

The figures were in line with its earnings guidance announced earlier this month that beat the market consensus.

On a quarterly basis, Samsung's second-quarter operating profit was up 33.9 percent from the first quarter, although that of sales was down 2.6 percent from the previous quarter. Net profit was 34.9 percent up from the first quarter.

Samsung's chip business anchored the upbeat performance on the back of rising memory prices and a recovery from the foundry sector. The company had suffered from a monthlong shutdown of the company's foundry fab in Austin, Texas, where a severe winter storm caused a power outage in February.

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