Samsung Electronics' Q2 profit jumps 72 pct on brisk chip sales

27 July, 2017, 18:26 | Author: Delbert Rhodes
  • Visitors test Samsung Electronics Co.'s Galaxy S8 smartphones at a company shop in Seoul

On Wednesday, the carmaker said its second-quarter net profit plunged 48 percent on-year on weaker demand from China amid a diplomatic row between Seoul and Beijing over the deployment of a US missile defense system here. The chips unit posted 8 trillion won ($7.2 billion) in operating profit, or almost half the group's total.

Samsung is also upbeat about its business in the second half of the year.

Buoyed by voracious requests for DRAM and NAND memory chips for everything - from servers to IoT connected devices - Samsung's semiconductor division alone was responsible for the whopping $7.2 billion in operating income on sales of $15.8 billion.

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.

Samsung Electronics said it expected the memory chip boom to continue in the current quarter.

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First, the numbers - Samsung made $12.7 billion of operating income and $9.7 billion of pure profit last quarter, the highest in the company's history.

Samsung is reaping the rewards of dominating in the memory chip market which is growing much faster than the market for computers that rely on processing units dominated by Intel, said Chung Chang Won, a senior analyst at Nomura Securities. Analysts expect the iPhone maker to report revenue of $44.9 billion and an operating profit of $10.5 billion, according to Reuters and Bloomberg data.

For the full year, Intel is expected to post $60 billion in annual sales, according to a market consensus polled by FactSet, a financial data provider.

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.

Earlier this month, Samsung announced plans to invest $18 billion to expand and upgrade its chip plants in Korea, with the aim of extending its lead in the market. "As these [cloud infrastructure] players grow, they will only need more chips and that helps Samsung".

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