Samsung Electronics says Q2 profit likely rose 53%, topping estimates

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SEOUL – Samsung Electronics said on Wednesday (July 7) its second-quarter operating profit likely jumped 53 per cent, beating analysts’ estimates, as strong chip prices and demand lifted earnings.

The world’s largest memory chip and smartphone maker said profit for the quarter ended June 30 was likely 12.5 trillion won (S$14.8 billion), above a Refinitiv SmartEstimate of 11.3 trillion won drawn from 20 analysts.

rose an estimated 19 per cent from the same period a year earlier to 63 trillion won, Samsung said in a short preliminary earnings release. It is due to detailed earnings later this month.

Profits at Samsung’s chip division likely jumped by a fifth or more from a year earlier, analysts said, helped by strong memory-chip prices and demand for consumer electronics and from data customers.

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