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Samsung forecasts double-digit gains

Samsung Company
Samsung Company
Samsung Electronics has issued bullish guidance for the second quarter, estimating it turned in its best performance in four years due to continued gains by its semiconductor division.
The smartphone and chip giant expects revenue to rise 20.9 per cent year-on-year to KRW77.8 trillion ($59.8 billion) and operating profit to increase 11.4 per cent to KRW14.1 trillion.

Samsung is scheduled to release complete Q2 figures, including net profit and revenue by division, later this month.

Yonhap News Agency reported the double-digit gains during the recent quarter were driven by demand for memory chips used in servers and data centres.

But the news outlet warned Samsung’s smartphone operating profit is likely to drop by KRW600 billion to KRW2.6 trillion, as economic concerns impact consumer demand, leading to a slowdown in global sales.

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