Samsung in position to top Apple's quarterly profits for first time

Samsung in position to top Apple's quarterly profits for first time

Samsung in position to top Apple's quarterly profits for first time

Samsung Electronics on Thursday reported an 88.9 percent jump in its second quarter net profit, boosted by demand for its memory chips and a rise in smartphone sales as the firm seeks to move on from last year's recall debacle.

Operating profit was up 72.9 percent from the previous year to 14.07 trillion won, while the firm's overall sales increased 19.7 percent to 61 trillion won.

Samsung is also upbeat about its business in the second half of the year.

That performance means Samsung, which is the world's largest supplier of memory chips, should see semiconductor revenues greater than that of its rival chipmaker Intel Corp., which is due to report Thursday, if analysts' forecasts are correct.

Samsung is reaping the rewards of dominating in the memory chip market which is growing much faster than the market for computers that rely on processing units dominated by Intel, said Chung Chang Won, a senior analyst at Nomura Securities.

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Samsung said sales were led by its flagship Galaxy S8 smartphone, while sales of mid-range and low-end phones declined.

Since 2002, Samsung Electronics has been the largest supplier of memory chips, called DRAMs and NANDs. Both Samsung and SK Hynix are expected to report all-time high profits this year.

The Journal said Apple has a projected net income of $8.2 billion for the three-month period, in what is traditionally a weaker quarter for the world's most-valuable company.

For the mobile business, revenue increased 11 percent to 29 trillion won but profit fell by 3 billion won to 4 trillion won. 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. Although the profit falls short of the operating profit of 4.3 trillion won a year earlier, this is a significant recovery after plunging to 100 billion won in the third quarter of last year due to discontinued sales of the Note 7 in October. "As these [cloud infrastructure] players grow, they will only need more chips and that helps Samsung".

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