Samsung posted its best second-quarter profit since 2018

Samsung posted its best second-quarter profit since 2018

In the semiconductor business, the company’s sales were 18 percent higher than last year, which brought a lot of profit.

Samsung announced its results for the second quarter of 2022. That said, its revenue was KRW 77.2 trillion (about $59.1 billion), its best second-quarter number ever. The income of the South Korean company improved by 21 percent compared to the second quarter of 2021. The company’s profit for the second quarter of 2022 was KRW 14.1 trillion (about $10.8 billion), the highest since 2018 and a 12 percent increase from the same quarter last year. Samsung achieved this despite a slowing smartphone market, thanks to sales of semiconductor chips. Samsung’s smartphone business saw a decline in profit (KRW 2.62 trillion, or about $2 billion), but revenue rose 31 percent year-on-year thanks to solid sales of the Galaxy S22 and Galaxy Tab S8. The South Korean company expects revenue to remain stable or show single-digit growth in the second half of the year. It has been revealed that it plans to expand its high-end sales with the launch of upcoming foldable phones. In the semiconductor business, the company’s sales were 18 percent higher than last year, which brought a lot of profit. Samsung expects demand in the mobile and PC categories to weaken in the coming months. The Device Solutions business contributed KRW 9.98 trillion (about $7.6 billion) to the company’s operating profit.The company also announced that its contract semiconductor chip manufacturing business (Samsung Foundry) achieved its highest-ever second-quarter revenue on the back of improved returns and was the first in the world to ship advanced 3nm chips. Samsung Display, the company’s display panel-making segment, was the third-biggest contributor with a quarterly profit of KRW 1.06 trillion (about $810 million). Despite declining smartphone sales, this business maintained its performance by increasing the adoption of OLED panels in laptops and gaming devices. At the same time, there was a decline in its TV segment. It posted its worst second-quarter operating profit in three years – 360 billion KRW (about $275 million). According to Samsung, the decrease in accumulated demand after the shutdown caused by the COVID-19 pandemic and macroeconomic factors led to the decline in sales. A similar performance is expected for the rest of the year.Hardware, software, tests, interesting and colorful news from the world of IT by clicking here!

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