By Kwanwoo Jun
Samsung Electronics Co.’s /zigman2/quotes/209800866/delayed KR:005930 -0.13% net profit jumped 73% from a year earlier in the second quarter thanks to strong demand and higher prices for memory chips, beating market expectations.
The world’s largest smartphone and memory-chip maker said Thursday that its strong semiconductor business offset weak performance in mobile-handset and other set-device segments in the quarter.
Net profit was 9.635 trillion won ($8.38 billion) for the quarter ended in June compared with KRW5.555 trillion a year earlier, the South Korean company said. The latest reading is above the FactSet-compiled consensus estimate of KRW8.598 trillion.
Revenue rose 20% on year to KRW63.672 trillion, while operating profit surged 54% to KRW12.567 trillion, the company said.