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Samsung flags better-than-expected rise in second-quarter profit as chip prices jump

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SEOUL :Samsung Electronics estimated on Friday a more than 15-fold rise in its second-quarter operating profit, as rebounding semiconductor prices driven by the artificial intelligence boom lifted earnings from a low base a year ago.

FILE PHOTO: A visitor uses a Samsung Electronics' flagship smartphone Galaxy S24 during its unveiling ceremony in Seoul, South Korea, January 15, 2024. REUTERS/Kim Hong-Ji/File Photo

The profit beat a 8.8 trillion won LSEG SmartEstimate, which is weighted toward forecasts from analysts who are more consistently accurate, and the quarter was its most profitable since the third quarter of 2022. Samsung's key semiconductor division likely posted its second consecutive quarterly profit, improving on the first quarter, as memory chip prices keep rising from a mid-2022 to end-2023 trough that was caused by weak post-pandemic demand for gadgets that use the chips.

 

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