South Korea's Samsung breaks sales, profit records

South Korea's Samsung breaks sales, profit records

Semiconductors are once again the profit engine for Samsung Electronics, which announced a second quarter operating profit of 14 trillion won on Thursday on revenue of 61 trillion, representing a 6 percent year-on-year increase in profit, and a 20 percent boost in revenue from the same time last year.

Wall Street Journal Samsung's massive earnings growth could top Apple's quarterly profits for the first time in history, a very good news for the South Korean tech giant indeed. The previous record was set in the third quarter of 2013, when Samsung's operating profit hit 10.1 trillion won. That demand, coupled with a tight supply, has seen the price of memory chips shoot up over the a year ago, bringing an unprecedented level of profitability to suppliers such as Samsung.

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Samsung said it has 54 trillion won in net cash, an 11 trillion won decrease from the same time a year ago.

"It was a great quarter for Samsung, fueled by sales of the Galaxy S8 smartphone", said Holger Mueller, vice president and principal analyst at Constellation Research Inc. Both Samsung and SK Hynix are expected to report all-time high profits this year. All of Samsung's products performed exceptionally well with its smartphone and memory divisions leading the charge.

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The chip unit achieved this performance thanks to strong demand for high-density DRAMs and SSDs for servers in a low-supply environment.

For the full year, Intel is expected to post $60 billion in annual sales, according to a market consensus polled by FactSet, a financial data provider. Samsung has said it plans to spend $18 billion in the next four years to expand memory chip production capacity at its South Korean plants.

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The sales revenue of the company's mobile division is also up 13 per cent to 30 trillion won following the good public reception of the latest Galaxy S8 and S8plus high-end models, but its operating profit was reduced due to an increase in component costs. "As these [cloud infrastructure] players grow, they will only need more chips and that helps Samsung".

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