On Thursday, South Korean company Samsung reported its strongest April-June profit since 2018, supported by robust sales of memory chips to server clients even as demand from smartphone manufacturers struggling with inflation cools.
Following the release of the preliminary results for the second quarter, shares of the largest memory-chip and smartphone manufacturer in the world increased 2.5 percent, outpacing the market’s 1.5 percent gain.
Just shy of a KRW 14.45 trillion (approximately Rs. 87,870 crore) Refinitiv SmartEstimate, Samsung reported an operating profit of KRW 14 trillion (about Rs. 85,135 crore), an increase of 11% from KRW 12.57 trillion (roughly Rs. 76,430 crore) a year earlier. According to projections, revenue increased by 21% to KRW 77 trillion (approximately Rs. 4,67,900 crore).