Samsung Electronics forecast strong demand for memory chips in the second half and a recovery in the mobile market to 2019 levels, after it posted a 54% jump in operating profit for the second quarter, its strongest result in more than two years
Still, Samsung pointed to strong fundamentals for the memory chip market on increasing 5G adoption and sustained demand for servers and PCs. It noted its chip inventory is "very low" after it shipped more chips than previously expected in the second quarter.
"Samsung will see solid third quarter results as DRAM prices spike further and display sales rise on new smartphone launches including from Apple. The unknown variable is smartphone sales," said Park Sung-soon, analyst at Cape Investment & Securities.The logo of Samsung Electronics is seen at its headquarters in Seoul, South Korea, April 4, 2016. REUTERS/Kim Hong-Ji/File Photo"Samsung is expected to lower the price of its foldables, making them more accessible to consumers.
Samsung's operating profit in the April-June quarter of 12.6 trillion won was the company's best result since the third quarter of 2018.
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