The world's biggest smartphone maker saw net profits rise
73.4 percent to 9.6 trillion won ($8.4 billion) for the April to June period
on-year, the company said in a regulatory filing.
Operating profit increased 54.3 percent to 12.6 trillion won
in the second quarter from 8.1 trillion won tallied a year earlier.
It was slightly more than 12.5 trillion won estimated by
Samsung earlier this month.
The company attributed the growth to favourable market
conditions for memory chips, noting a "significant improvement in earnings
as memory shipments exceeded previous guidance and price increases were higher
than expected".
The coronavirus has wreaked havoc on the world economy, with
lockdowns and travel bans imposed around the globe for many months.
But the pandemic, which has killed over four million people
worldwide, has also seen many tech companies boom.
Coronavirus-driven working from home has boosted demand for
devices powered by Samsung's memory chips, as well as home appliances such as
TVs and washing machines.
The strong results come despite Samsung seeing earnings from
its smartphone business decline on-quarter because of supply chain problems,
which have disrupted production at many global firms.
The firm painted an optimistic view for the remainder of the
year anticipating favourable market conditions with continued demand for memory
chips for server and mobile markets.
But it warned of persisting uncertainty associated with the
pandemic going into the second half, noting "continued disruptions in
component supply and uncertainties... are likely to persist".
Samsung Electronics is the flagship subsidiary of the giant
Samsung group, by far the largest of the family-controlled empires known as
chaebols that dominate business in South Korea, the world's 12th largest
economy.
The conglomerate's overall turnover is equivalent to
one-fifth of gross domestic product.
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