Samsung claims blockbuster earnings in Q2, including record profits

Jon Howard
July 9, 2017

The success of the Galaxy S8 which launched in April also likely contributed to Samsung's record quarter.

Samsung Electronics says its second-quarter operating profit has soared 72 per cent over a year earlier to the highest in its history.

South Korean shares were flat on Friday even after tech giant Samsung Electronics said its quarterly operating profit likely hit an all-time high.

Rumored second-quarter earnings suggest that Samsung is poised to overtake Intel as the world's largest semiconductor manufacturer.

The S8's performance has reassured investors whose nerves were shaken past year by the costly withdrawal of Samsung's premium Galaxy Note 7 due to fire-prone batteries.

The profit comes on the back of $52 billion in revenue during the same time period.

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Samsung last posted its best operating profit in the third quarter of 2013 when it earned 10.2 trillion won.

The world's top maker of smartphones and memory chips said this week it will invest 20.4 trillion won by 2021 to expand and upgrade its chip plants in the South Korean cities of Pyeongtaek and Hwaseong.

The firm's shares extended their losses following the weaker-than-expected guidance and closed down 4.2 percent, compared with a 0.3 percent fall for the broader market.

Previously the total sales revenue of Samsung was $11.4 billion which is surpassed by the current revenue of $13.1 trillion for this year. Samsung's comfortable financial position is further supported by the positive reception of its latest flagship models, namely the Galaxy S8 and S8 Plus.

Executives were quoted in news reports as crediting the profits to bold investments made three to five years ago by members of the owner family through the now defunct Corporate Strategic Office, a former control tower of Samsung companies. At this point, 2017 seems to be a largely dynamic and profitable year for Samsung overall, and we, just like analysts predict, can't see why its streak would not continue through the end of the year.

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