Samsung Electronics flags second-quarter profit jump on solid chip demand, one-off gains from Apple

SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) flagged a 23% rise in second-quarter operating profit on Tuesday, beating analysts’ estimates on solid chip sales to data centres catering for a work-from-home economy during the novel coronavirus pandemic. The sales offset weak demand for smartphones and televisions, while one-off gains from its display business, which counts Apple Inc. (AAPL.O) as a customer, also boosted profits, the company said. It gave no further details. The world’s top memory-chip and smartphone maker said operating profit was likely 8.1 trillion won ($6.8 billion) in the quarter that ended in June, far above the 6.4 trillion won analyst forecast by Refinitiv SmartEstimate. It would be the highest quarterly profit since the fourth quarter of 2018. Revenue likely fell 7% to 52 trillion won from a year earlier, Samsung added, giving only limited data in a regulatory filing ahead of its full earnings figures later this month. Work-from-home orders and growth in online learning are underpinning chip demand amid the coronavirus pandemic and pushing up DRAM memory chip prices. U.S. DRAM supplier Micron Technology Inc (MU.O) forecast strong quarterly revenue last month. “Chip demand was stronger than expected due to the COVID-19,” said Park Sung-soon,… Read full this story

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