Samsung Electronics Co Ltd flagged a 23% rise in second-quarter operating profit on Tuesday, beating analysts' estimates on solid chip sales to data centers catering for a work-from-home economy during the coronavirus pandemic.
) flagged a 23% rise in second-quarter operating profit on Tuesday, beating analysts’ estimates on solid chip sales to data centers catering for a work-from-home economy during the coronavirus pandemic.
The world’s top memory chip and smartphone maker said operating profit was likely 8.1 trillion won in the quarter ended June, far above the 6.4 trillion won analyst forecast by Refinitiv SmartEstimate. It would be the highest quarterly profit since the fourth quarter of 2018. “Chip demand was stronger than expected due to the COVID-19,” said Park Sung-soon, an analyst at Cape Investment & Securities.
The handset and TV business may have also fared better than expected due to lower marketing costs and as stores and factories resumed operations worldwide as countries lifted lockdowns, analysts said.
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