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    Samsung expects a 53% jump in Q2 2021 profit, thanks to higher chip sales

    Business
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    Last updated: July 7th, 2021 at 06:23 UTC+02:00

    Samsung has published its earnings guidance for Q2 2021 (April to June) earlier today. The South Korean firm is expecting a healthy jump in revenue and profit, thanks to higher sales of semiconductor chips and electronic devices, driven by the remote learning and work-from-home trends during the pandemic.

    The company expects its revenue for Q2 2021 to be around KRW 63 trillion (~$55.4 billion) and its operating profit to be around KRW 12.5 trillion (~$11 billion). That is a 19% jump in revenue and a 53% jump in operating profit compared to Q2 2020. This is just the company's earnings guidance, and it will post the actual numbers sometime later this month. The company also mentioned that it includes one-time gains from its display business.

    During the same time last year, the company reported a 7.4% decline in sales as most markets were closed due to COVID-19 related lockdowns. Samsung Electronics is expecting to sell more smartphones and TVs than any other brand, but it said that its sales could decline due to a shortage of chips and other components.

    Samsung (well, the Samsung Semiconductor arm) is the world's biggest memory chip manufacturer, and it is expecting a strong jump in sales, fuelled by rising demand from cloud computing, data center, and personal computing sectors. Analysts expect the South Korean firm's chip business to have contributed over half of the company's operating income for the quarter.

    Business EarningsSamsung ElectronicsSamsung FoundrySamsung SemiconductorSystem LSI

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