Samsung Electronics, the South Korean tech giant, reported a substantial surge in operating profit for the second quarter of the year. The company revealed that its preliminary operating profit reached an impressive 10.4 trillion won (7.5 billion U.S. dollars) in the April-June period, a significant increase compared to the 670 billion won (486.1 million dollars) recorded in the same quarter last year.
This operating profit figure exceeded market expectations of around 8.3 trillion won (6 billion dollars) and was notably higher than the 6.61 trillion won (4.8 billion dollars) reported in the previous quarter. The company also disclosed that preliminary revenue had surged by 23.3 percent year-on-year to 74 trillion won (53.7 billion dollars) in the second quarter.
Market analysts attributed the better-than-expected earnings to the increased prices and growing demand for memory chips, fueled by the rapid expansion of the artificial intelligence market. Samsung Electronics is set to reveal net income and detailed earnings for each business unit later this month.
The latest financial results indicate a positive outlook for Samsung Electronics, driven by the strong performance of its memory chip business and the favorable market conditions. The company’s focus on innovation and technology advancements continues to position it as a leader in the global tech industry.
As Samsung Electronics moves forward, investors and industry experts are keeping a close watch on how the company will capitalize on the growing demand for memory chips and other key products to sustain its growth momentum in the coming months.
