Samsung expects 53 percent more profit for the second quarter

Samsung expects its operating profit from the past second quarter to have increased to approximately EUR 9.2 billion. That is 53 percent more than in the second quarter of last year. The turnover figures also increased by 19 percent to approximately 46 billion euros.

According to Reuters news agency, Samsung was able to take advantage of the ongoing chip shortages. This caused the price of (memory) chips to rise and that would have led to good results. The company itself emphasizes that the figures are estimates. The final results will follow later this month. If the numbers are correct, this second quarter for the South Korean company is the best second quarter since 2018.

During the first quarter of 2021, Samsung already recorded a record profit of 8.8 billion dollars. The company owed these profits to the increasing demand for consumer electronics and flagship smartphones. At the time, Samsung insisted that profits from memory chip production would rise ‘significantly’ in the second quarter as demand from the server market would increase and many production problems would be solved.

Samsung is also said to be scaling up production capacity for its nano-dram chips and sixth-generation v-nand memory chips, as well as its ultraviolet lithography chip manufacturing process during the second quarter.