Net profit of Samsung in April-June surged by 89%

This became possible due to the demand for Galaxy S8 and memory chips.

The South Korean consumer electronics manufacturer Samsung Electronics in the second quarter of 2017 increased profits to record levels, thanks to strong sales of the premium smartphone Galaxy S8 and higher prices for memory chips due to the shortage.

As stated in the press release, its net profit in April-June surged by 89% to to 11.05 trillion Korean won ($9.9 billion) from 5.85 trillion won over the same period in 2016. The previous record quarterly net profit was recorded almost four years ago on a mark of 8.24 trillion won.

Operating profit of Samsung Electronics grew by 73% compared to the same period last year, to a record of 14.07 trillion won from 8.14 trillion won a year earlier.

Samsung quarterly revenue rose 19.7%, from 50.94 trillion won to 61 trillion won.

Thus, Samsung may to around the Apple and become the most profitable tech company in the world.

Analysts on wall street estimated Apple’s operating profit for the comparable period of $10.52 billion on revenue of nearly $45 billion, net profit is likely to reach $8.2 billion Quarterly reports Apple will be released on August 1.

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