SAMSUNG IS EXPECTING record second-quarter earnings thanks to thanks to its growing memory chip business.
The Korean firm said on Thursday that operating profit for the three-month period likely would come in at 14 trillion won (around £9.4bn), a 72 per cent increase year-on-year and higher than the 13.1 trillion won (£8.8bn) average expected by analysts.
Revenue is also expected to rise 18 percent from a year earlier to 60 trillion won (£40.2bn), versus analysts' forecast of 59 trillion won (£39.5bn).
This, the firm says, is thanks to an increase in strong memory chip prices, as well as an increase in demand. These chips are used in devices including PCs, smartphones and service, but the firm has said that demand for cloud computing and artificial intelligence are the main drivers of this increased.
Just this week, the firm announced plans to sink $18bn into its chip business as it attempts to solidify its place in the market. This investment comes after reports claimed that Samsung could be about to unseat Intel as the world's number one chipmaker for the first time in 25 years.
"Samsung's big increase in sales has been driven by an amazing rise in DRAM and NAND flash average selling prices," IC Insights said at the time.
"IC Insights expects that the tremendous gains in DRAM and NAND flash pricing experienced through 2016 and into the first quarter of 2017 will begin to cool in the second half of the year, but there remains solid upside potential to IC Insights' current forecast of 39 per cent growth for the 2017 DRAM market and 25 per cent growth in the NAND flash market."
Samsung's record Q2 earnings are also expected to come off the back of strong performance from its display unit, with the firm's OLED screen technology proving a strong profit driver for the firm. µ
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