Samsung predicts record Q2 earnings thanks to memory chip demand

Flickr  Kārlis DambrānsSamsung Electronics forecasted record profit and sharply increased revenue in an earnings guidance release on Friday

After its Galaxy Note 7 phone was widely publicized for its flammability, Sammy continued to struggle in Q1 this year, marking a 9% decrease in year-on-year operating profits. It would be the first time that Samsung's profit would be higher than Apple's, who is expected to generate $10.6 billion in Q2.

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

Samsung's second-quarter sales also set a new record by advancing 17.8 percent to an unprecedented 60 trillion won in the April-June period.

Business at Samsung will likely go on without a hitch, since other senior officials have been given some decision-making authority.

Benefitting from both a rise in demand and price for semiconductors and smartphone memory chips, many industry analysts now believe Samsung could outdo Intel in terms of sales in 2017.

Samsung has released their earnings guidance for the second quarter of 2017 and things are looking really good for the company.

Samsung has forecast profits of around 14 trillion won ($12.1B), up 72% year-on-year.

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

Despite the upbeat results, shares of Samsung Electronics edged down 0.42 percent to end at 2,393,000 won on Friday as foreigners net sold 74 billion won worth of shares.

While LG did not elaborate on its forecasts, analysts said its mobile business probably saw an operating loss for a ninth straight quarter due to subdued sales and increased marketing costs for its new G6 flagship smartphone launched in March.

Samsung was apparently able to beat these analyst expectations thanks to strong memory chip prices, which helped drive profits.

Moving into the third quarter, Samsung is poised to see continued growth.

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