12 July 2022
Samsung Electronics turned in its best April-June profit since 2018 with an 11 percent year-on-year rise, as lingering demand for its memory chips from server customers offset lower sales from inflation-hit smartphone makers.
The world's largest memory-chip and smartphone maker said on Thursday its second-quarter operating profit rose to 14 trillion won ($11.2 billion) from 12.57 trillion won ($10 billion) a year earlier.
Revenue likely rose 21% from the same period a year earlier to 77 trillion won, Samsung said in a preliminary earnings release, in line with market expectations. Samsung is due to release detailed earnings this month.
Samsung's chip profits were shielded last quarter from what analysts think is a looming glut after high demand in the past two years, even as large U.S. tech firms that use a lot of data center services kept buying chips to meet cloud demand.