Samsung Elec’s second quarter operating profit up 23% on strong chip sales

SEOUL (Reuters) – Samsung Electronics Co Ltd (005930.KS) said on Thursday that he expects a gradual recovery in demand for mobile devices and consumer electronics in the second half of the year, but risks remain due to the coronavirus pandemic and competition growing.

Samsung posted a 23% increase in operating profit in the April-June quarter, thanks to a 13% surge in DRAM chip prices. Much of the demand for chips comes from data centers coming together to support a work-from-home economy and the growth of online learning.

Memory chip manufacturers, including SK Hynix (000660.KS) and the American company Micron Technology Inc (MU.O) also reported increased demand as a result of this trend.

Samsung’s second-quarter operating profit increased by 8.1 trillion won ($ 6.81 billion), from 6.6 trillion won a year earlier, according to the company’s earlier estimate this month.

Revenues for the world’s largest maker of memory chips and smartphones fell 6 percent to 53 trillion won. Net profit rose 7 percent to 5.6 trillion won.

Samsung said a one-time gain in its display business helped boost profits, without giving further details. Samsung’s display business Apple Inc account (AAPL.O) as a customer.

With stocks more full, Samsung data center customers are expected to purchase fewer DRAM chips in the second half of the year, dampening the price hike, analysts said.

Samsung is expected to launch the latest version of its flagship Galaxy device and another expensive foldable phone this year.

Its shares rose 1.6% early in Thursday, before gaining 0.7% across the entire .KS11 market. The company’s shares have recently rallied, joining rival TSMC (2330.TW), growing expectations that they could benefit from Intel Corp (INTC.O) plan to further outsource chip manufacturing.

Reporting by Joyce Lee and Heekyong Yang; edited by Jane Wardell

Our standards:Thomson Reuters Trust Principles.

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