Samsung Elec Sees Mobile And PC Chip Demand Weakening In H2

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Samsung sees Q3 operating profit up 58% after sales grow 6.5%
Samsung sees Q3 operating profit up 58% after sales grow 6.5% - www.brandspurng.com

Samsung Electronics Co Ltd reported a 12% rise in quarterly profit on Thursday on solid sales of server memory chips, but said mobile and PC chip demand would continue to weaken as macroeconomic uncertainties persist.

Operating profit rose to 14.1 trillion won ($10.8 billion) for the quarter ended June 30 from 12.57 trillion won a year earlier, the world’s top maker of memory chips and smartphones said, its highest second-quarter profit since 2018.

The profit was also slightly higher than the South Korean company’s own estimate of 14 trillion won.

Revenue rose 21% to 77.2 trillion won.

A strong dollar, which hit a 20-year high, also aided chip profits, boosting Samsung’s operating profit by about 1.3 trillion won versus the prior quarter, Samsung said.

Samsung’s chip sales are made mainly in dollars, while it reports its profit in Korean won, so a firm greenback translates to higher chip earnings.