Seoul: Samsung Electronics expects profits to soar 72 per cent in the second quarter to a record high, it said on Friday, as it moves on from a recall debacle thanks to rising memory chip prices and increased demand for smartphones. The South Korean tech giant estimated its operating profit for April-June at 14 trillion won ($12.1 billion), up from 8.14 trillion won a year earlier. That would reportedly make it more profitable in the period than US behemoth Apple, where consensus analyst forecasts point to a profit of $10.6 billion.
“Samsung is believed to have topped the list of global IT companies, surpassing Intel and Apple, in terms of operating profits for the first time in history,” said Kim Dong-Won of KB Securities. It would also be Samsung Electronics’ highest-ever quarterly operating profit, surpassing the 10.1 trillion won of the third quarter of 2013. — AFP
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