Salem Radio Network News Saturday, August 13, 2022

Business

Samsung Elec posts smaller-than-expected Q2 profit as smartphone demand slows

SEOUL (Reuters) -Samsung Electronics Co Ltd reported a smaller-than-expected rise in quarterly operating earnings on Thursday as lower sales to inflation-hit smartphone makers dragged on profits from server customers loading up on memory chips.

The world’s largest memory-chip and smartphone maker estimated its profit rose 11% from a year earlier to 14 trillion won ($10.73 billion) in the three months ended June 30 – its highest second-quarter profit since 2018 – from 12.57 trillion won a year earlier.

The profit fell short of a 14.45 trillion won SmartEstimate from Refinitiv.

Revenue likely rose 21% from the same period a year earlier to 77 trillion won, Samsung said in a short preliminary earnings release, in line with market expectations.

Samsung is due to release detailed earnings later this month.

($1 = 1,304.4400 won)

(Reporting by Joyce Lee and Heekyong Yang; Editing by Sayantani Ghosh and Himani Sarkar)

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