Tuesday, 24 October, 2017

LG Electronics sees slight profit increase in Q2

With leader jailed, Samsung reports record $9.7 billion profit Samsung posts best quarterly profit amid chip boom
Devin Neal | 27 July, 2017, 18:24

But while its bottom line is better than ever, the company's leadership is in turmoil after its vice chairman and de facto chief Lee Jae-yong was jailed amid a corruption scandal that unseated former South Korean president Park Geun-hye. Analysts were expecting a profit of about 9.75 trillion won, according to a projection by Bloomberg.

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.

Automakers were also among the losers with Hyundai Motor, the No. 1 automaker, falling 1.01 percent to end at 146,500 won. Samsung customarily announces preliminary results a few weeks earlier.

The star performer was the semiconductor division, where operating profit more than tripled year-on-year to KRW 8.03 trillion thanks to strong demand from the server and smartphone memory markets.

Samsung Electronics said it expected the memory chip boom to continue in the current quarter.

. The previous record was set in the third quarter of 2013, when Samsung's operating profit hit 10.1 trillion won. Its forecast for Q2 was $14.4 billion.

Winning Yankees formula: Aaron Judge's mammoth HR + CC Sabathia
Alex Gordon had three hits and drove in three Royals runs, while Merrifield also had a two-run double in the fourth. Mike Zunino then sliced one to left where Frazier, running toward the line, laid out and made a diving catch.

Conversely, the IT and mobile communications unit, led by smartphone production, saw its operating profit decrease 6% to a little over 4 trillion won.

Samsung is set to unveil its new Note device next month in NY, just over a year after the exploding battery crisis that saw it remove the Note 7 from shelves.

"Samsung's chip business is likely to keep growing well too, as it seems to have cracked the code to become a key part of cloud infrastructure offerings", Mueller added.

Despite the unprecedented performance and glowing praise from analysts, Samsung said it expects third-quarter profit to decline because of marketing expenses related to the upcoming launch of its new Galaxy Note handset.

Samsung also plans to expand its NAND chip plant in the Chinese city of Xian to meet booming demand for the chips used in high-end storage products, it said.

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