Salem Radio Network News Wednesday, August 10, 2022

Business

Samsung Elec Q2 profit likely rose 11% on solid server chip demand

SEOUL (Reuters) – Samsung Electronics Co Ltd reported a likely 11% jump in quarterly operating earnings on Thursday as lingering demand for its memory chips from server customers offset lower sales to inflation-hit smartphone makers.

The world’s largest memory-chip and smartphone maker estimated its profit rose 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.

($1 = 1,304.4400 won)

(Reporting by Joyce Lee; Editing by Himani Sarkar)

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