Samsung Electronics increases net profit in Q2 by almost six times

08/01/2024

Samsung Electronics reported a drastic increase in net profit, rising to 9.84 trillion South Korean won ($7.11 billion) in the second quarter from 1.72 trillion won in the previous year, as stated in the company's financial report.

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Analysts polled by FactSet had anticipated an average net profit of 8.23 trillion won.

The operating profit of the company increased by almost 16-fold to reach 10.44 trillion won. The investment in research and development was equivalent to 8.05 trillion won.

Income increased by 23% to 74.07 trillion won.

Samsung predicts ongoing high demand for memory chips for AI servers in the latter half of the year.

source: bloomberg.com