Samsung Electronics increases net profit in Q2 by almost six times

Samsung Electronics reported a drastic increase in net profit, rising to 9.84 trillion South Korean won ($7.11 billion) in the second quarter from 1.72 trillion won in the previous year, as stated in the company’s financial report.

Iris Barker

Published on

July 31, 2024

Read: < 1

Samsung Electronics increases net profit in Q2 by almost six times © Daily Management Review

Facebook X Telegram WhatsApp

Analysts polled by FactSet had anticipated an average net profit of 8.23 trillion won.

The operating profit of the company increased by almost 16-fold to reach 10.44 trillion won. The investment in research and development was equivalent to 8.05 trillion won.

Income increased by 23% to 74.07 trillion won.

Samsung predicts ongoing high demand for memory chips for AI servers in the latter half of the year.

source: bloomberg.com