Samsung’s quarterly profit surges on chips, consumer electronics

Chips and consumer electronics were Samsung’s second-quarter stars.

James Martin/CNET

Samsung’s operating profit showed strong growth in the second quarter, thanks to higher-than-expected chip prices and continued consumer demand for electronics during the pandemic.

The Korean electronics giant reported an operating profit for the three-month period ended June 30 of 12.5 trillion won ($10.8 billion), an increase of 54% compared with the same time period last year. Its revenue increased by nearly 20% to 63.6 trillion won ($55.2 billion).

Samsung’s fourth-consecutive quarter of sales and profit growth marks a full-year rebound for Samsung, which in the year-ago period reported a 7.4% decline in sales as its consumer-facing businesses struggled while the coronavirus ravaged the globe.

Revenue from its mobile division declined compared with the previous quarter due to COVID-19, the ongoing component supply shortage in the industry as well as production disruptions.

More to come …

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