Samsung projects 1,452% surge in Q2 profit on chip demand

Samsung Electronics office building in southern Seoul [NEWS1]

 
Samsung Electronics forecasts a 1,452 percent yearly rise in operating profit for the second quarter, staging a dramatic recovery for its semiconductor business.
 
In a preliminary earnings report released Friday, the Suwon, Gyeonggi-based tech giant expects to post an operating profit of 10.4 trillion won ($7.5 billion), exceeding the market consensus of 8.3 trillion won compiled by market tracker FnGuide.
 
The company projects quarterly sales of 74 trillion won, up 23.3 percent on-year, slightly above the market estimate of 73.8 trillion won.
 
The preliminary forecast does not include detailed breakdowns, but analysts speculate that Samsung’s rebounding chip business led to the earnings surprise.
 

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]