Samsung Electronics forecasts 11.4pc rise in Q2 profits

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SEOUL, July 7 — Samsung Electronics expects operating profits in the second quarter to rise 11.4 per cent, the South Korean tech giant said in a statement Thursday, despite...

SEOUL, July 7 — Samsung Electronics expects operating profits in the second quarter to rise 11.4 per cent, the South Korean tech giant said in a statement Thursday, despite ongoing global supply chain woes.

Samsung expected sales in the April-June period to have increased by 21 per cent on-year to 77 trillion won. The figure would represent a downgrade from its first-quarter sales of 77.8 trillion won. Analysts said Samsung was helped by its continued strong performances in the memory chip business, making up for declines in smartphone sales over the period.

 

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