Samsung Electronics forecasts 11.4% rise in 2Q profits

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Samsung Electronics expects operating profits in the second quarter to rise 11.4 percent, the South Korean tech giant said in a statement Thursday, despite ongoing global supply chain woes. The world’s biggest smartphone maker forecast 2022 second-quarter operating profits of about 14 trillion won ($10.7 billion), up from 12.6 trillion won in the same quarter last year.

Samsung expected sales in the April-June period to have increased by 21 percent on-year to 77 trillion won. The figure would represent a downgrade from its first-quarter sales of 77.8 trillion won. Analysts said Samsung was helped by its continued strong performances in the memory chip business, making up for declines in smartphone sales over the period. —AFP

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