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Samsung Electronics is expected to report an increase in operating profit of more than 15 percent for the second quarter, helped by strong semiconductors company despite declining demand for smartphones and home appliances, a report showed on Tuesday.



According to research by Yonhap Infomax, Yonhap’s financial data company, the world’s largest memory chip maker will record 14.5 trillion won ($11.1 billion) in operating profit from April to June, an increase of 15.6 percent. compared to a year ago. News Agency.

Samsung’s second-quarter revenue is estimated to rise 20.6 percent to 76.8 trillion won, while net income is likely to rise 19.8 percent to 11.5 trillion won, the survey found.

Strong demand for memory chips used in servers and data centers supported the tech company’s solid performance, with global shipments of DRAM and NAND Flash both growing 9 percent and 2 percent year-over-year, respectively, in the three months ended June.

By sector, Samsung’s chip business is forecast to grow by 42 percent and report operating profit of 9.8 trillion won.

However, smartphone business growth appears to have been dampened by slower consumer electronics spending amid rising inflation and fears of a recession.

Samsung’s smartphone shipments are expected to reach an estimated 61 million units in the second quarter, a decrease of 16 percent from the previous quarter. The division’s operating profit is likely to fall by 600 billion won from last year to 2.6 trillion won.

Home appliance sales are also being hit by weaker consumer purchasing power, rising raw material costs and seasonal factors. The division’s operating income is estimated at approximately 500 billion won, less than half the figure from a year ago.

The display panel business is also likely to report weaker performance due to slower demand, with second-quarter corporate profits expected to fall 300 billion won from a year ago to 1 trillion won.

Analysts paint a bleak picture for the second half as the ongoing war in Ukraine, rising inflation and China’s COVID-19 lockdowns slow demand and consumer spending on electronic devices.

According to technology research firm Gartner, worldwide shipments of consumer devices, such as mobile phones and PCs, are down 7.6 percent this year.

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