SEOUL, South Korea  — Samsung Electronics Co. said Tuesday its operating profit for the last quarter likely rose 23% from the same period last year, helped by robust demand for memory chips used in personal computers and servers as the coronavirus pandemic has more people working from home.

Visitors try out Samsung Electronics’ Galaxy Z Flip smartphones at its shop in Seoul, South Korea, Tuesday, July 7, 2020. Samsung Electronics Co. said Tuesday its operating profit for the last quarter likely rose 23% from the same period last year, helped by robust demand for memory chips used in personal computers and servers as the coronavirus pandemic has more people working from home. (AP Photo/Ahn Young-joon)

The South Korean technology giant will release more detailed information when it announces its finalized earnings later this month. It projected its operating profit during the April-June period will be 8.1 trillion won ($6.8 billion).

The company’s revenue for the quarter is forecast to fall 7% to 52 trillion won ($43.6 billion).

After reporting a 3.4% increase in operating profit in the first three months of the year, Samsung said in April it expected its second-quarter profit to decline with the pandemic pushing down sales of smartphones, TVs and other products.

Analysts say Samsung, which is the world’s largest provider of semiconductors, is continuing to benefit from robust chip demand generated by PCs and servers.

It’s likely that the pandemic is also forcing the company to spend less on marketing due to traveling restrictions.

gsg


Read Next


EDITORS’ PICK


MOST READ

Don’t miss out on the latest news and information.

Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.

For feedback, complaints, or inquiries, contact us.

Source Article