Samsung expects monster profit in second quarter
Electronics giant predicts its biggest operating profit ever, thanks to the sales of chips and the Galaxy S8.
The Galaxy S8 may have helped fuel Samsung's biggest quarter ever.
Samsung expects its biggest operating profit ever in the second quarter, thanks to continued global demand for semiconductors and the popularity of its Galaxy S8 flagship phone.
The Korean electronics giant said Thursday it expects to record a 72 percent increase in its second-quarter operating profit. Operating profit for the three-month period ending June 30 will be 14 trillion won ($12.11 billion), the electronics giant estimated in a regulatory filing. That also exceeds the 13.1 trillion won analyst average, according to a Thompson Reuters poll of analysts.
Revenue likely came in at 60 trillion won ($5.2 billion), an 18 percent rise from a year earlier. The guidance, released Wednesday ahead of full earnings later this month, did not provide specific divisional results.
Samsung introduced its new Galaxy S8 and S8 Plus handsets in the first quarter, though the phones hit the market too late to contribute to that period's financial results. Samsung is depending on those devices to help it win back mobile customers and regain their trust after it scrapped last year's Note 7 because of overheating problems.
But even with the Note 7 saga, Samsung's overall financial picture is expected to benefit from the soaring demand for chips for smartphones and servers. The company is expected to unseat Intel as the global semiconductor market-share king, according to Reuters.
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