Tags: APFN | AS | SKorea | Earns | Samsung Electronics

Samsung Electronics Reports 85 Percent Jump in Profit

Wednesday, 26 July 2017 08:38 PM

SEOUL, South Korea (AP) — Samsung Electronics says its second-quarter profit surged 85 percent to record high thanks to memory chips.

The South Korean company said Thursday its April-June net income was 10.8 trillion won ($9.7 billion), compared with 5.8 trillion won a year earlier.

Operating profit jumped 73 percent over a year earlier to 14.1 trillion won ($12.7 billion) while sales rose 20 percent to 61 trillion won ($54.8 billion), in line with its earlier guidance.

Samsung, the world's largest maker of memory chips and smartphones, has likely surpassed Intel by its semiconductor revenue during the last quarter and outstripped Apple in quarterly earnings for the first time as tight supplies, increased uses of connected devices and mobile data created an unprecedented boom in the memory chip industry.

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Samsung Electronics says its second-quarter profit surged 85 percent to record high thanks to memory chips.The South Korean company said Thursday its April-June net income was 10.8 trillion won ($9.7 billion), compared with 5.8 trillion won a year earlier.Operating profit...
APFN,AS,SKorea,Earns,Samsung Electronics
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2017-38-26
Wednesday, 26 July 2017 08:38 PM
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