(Samsung) Samsung Electronics posted an operating profit of 12.5 trillion won or $11 billion in the quarter that ended June. The earnings were better-than-expected 11 trillion won.
Samsung’s earnings were boosted by rising memory prices and shipments as the foundry business recovered from the disruptions at the Austin facility.
The operating profit came at the back of 63 trillion won sales in the quarter. Samsung said its earnings were fueled by a one-time gain from its display business.
The smartphone business was weighed down by Covid-19 disruptions on Indian demand and adverse output impacts in Vietnam. Q2 shipments of smartphones are expected to fall to 59 million units, down from 76 million units in the first quarter.
The company expects to launch a major technology transition for next-generation memory chips in the second half of the year.
The tech giant is expected to benefit from strengths in the memory business for the rest of the year.
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