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27 July 2017, 06:22 | Hattie Nash
Samsung posts best quarterly profit amid chip boom
Semiconductors are once again the profit engine for Samsung Electronics, which announced a second quarter operating profit of 14 trillion won on Thursday on revenue of 61 trillion, representing a 6 percent year-on-year increase in profit, and a 20 percent boost in revenue from the same time last year.
Samsung C&T on Wednesday said in its regulatory filing that it posted 255 billion won ($227.5 million) in operating profit in the second quarter ended June, up 44 percent from the same period past year.
Samsung is also upbeat about its business in the second half of the year.
Since 2002, Samsung Electronics has been the largest supplier of memory chips, called DRAMs and NANDs.
The firm's mobile division reported a 132 billion won loss, its ninth consecutive quarterly loss, hit by lackluster sales of its flagship G6 smartphone.
However, Samsung said the outlook for its semiconductor business still looks rosy, as it expects companies to continue adding to their server memory capacity.
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"The S8 has indeed helped get Samsung back onto its feet, hopefully putting the Note7 debacle behind it", Bryan Ma, a technology industry analyst at IDC, said before the announcement.
Mobile devices and data are the keys to understanding Samsung's ascent as the new industry leader, even as its de facto chief is jailed, battling corruption charges, and it recovers from a fiasco over Galaxy Note 7 smartphones that had to be axed past year because they were prone to catch fire.
The numbers appear to be in line with a report on expected profit they released on July 7.
Almost 60% of Samsung's quarterly income was generated by its semiconductor division, which booked eight trillion won in operating income on sales of 17.6 trillion won. Apple is forecast to report $8.2 billion in net profits next Tuesday, according to data by FactSet.
The sales revenue of the company's mobile division is also up 13 per cent to 30 trillion won following the good public reception of the latest Galaxy S8 and S8plus high-end models, but its operating profit was reduced due to an increase in component costs.
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