Samsung Galaxy S8 series (Image Source: CNET)
According to reports by the BBC, Samsung Electronics today reported record quarterly profits of 14 trillion WON ($12bn; £9.3bn) in the three months to June, which is up 72% on a year earlier. The record has been attributed to the surge in global demand for memory chips.
According to a report by the Financial Times, the South Korean tech giant appears to have overtaken Intel as the world’s largest chipmaker thanks to strong demand for chips used in mobile devices and data servers — a Samsung strength. This global surge in demand plus the increase in sales, which has been influenced by the sales of the Galaxy S8, that saw an 18% increase to 60 trillion won ($52 trillion) has been the main contributing factors to Samsungs recovery.
Although the reputation of this global tech giant has taken substantial hits over the past year, thanks to the Note 7 debacle and the arrest of de-facto chief Jay.Y Lee, the company seems to be coming out the other side just fine. The growth of the company is expected to continue into the second quarter.
Staff Writer