SEOUL, July 29 ― Samsung Electronics' net profits surged more than 70 per cent in the second quarter thanks to higher chip prices on the back of continuing pandemic-led demand, the South Korean tech giant reported today.
Operating profit increased 54.3 per cent to 12.6 trillion won in the second quarter from 8.1 trillion won tallied a year earlier.The company attributed the growth to favourable market conditions for memory chips, noting a “significant improvement in earnings as memory shipments exceeded previous guidance and price increases were higher than expected”.
But the pandemic, which has killed over four million people worldwide, has also seen many tech companies boom. The strong results come despite Samsung seeing earnings from its smartphone business decline on-quarter because of supply chain problems, which have disrupted production at many global firms.
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