South Korea’s Samsung Electronics on Thursday reported a 12% rise in quarterly profit due mainly to demand for high-margin memory chips.
Its operating profit rose to 14.1 trillion won ($10.8 billion) for the quarter ended June 30 from 12.57 trillion won a year earlier, higher than the company’s own estimate of 14 trillion won.
Revenue rose 21% to 77.2 trillion won.
The results were issued after the company offered upbeat earnings guidance on July 7.
A strong dollar, which hit a 20-year high, also aided chip profits, boosting operating profit by about 1.3 trillion won versus the prior quarter.
Samsung’s chip sales are made mainly in dollars, while it reports its profit in Korean won, so a firm greenback translates to higher chip earnings.
- Reuters, with additional editing by George Russell
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