Samsung boosts profits and pledges to ‘mainstream’ foldables

Samsung Electronics announced its second quarter results, with sales and operating profit increasing by 20% and operating profit by 54%, despite the mobile division being hit by a shortage of parts. The company recorded an operating profit of 12.57 trillion won from 63.67 trillion won in sales.

Samsung said its mobile business is struggling with industry-wide parts shortages and “production disruptions” at its Vietnamese plant. Combined with lower demand due to the low season, sales increased year-over-year, but declined QoQ.

The semiconductor business continues to be Samsung’s biggest financial driver, contributing more than a third of the company’s sales and more than half of its quarterly profits. Samsung says mobile memory sales were impacted by the same issues it saw in the smartphone segment, but memory demand and price hikes were higher than previously forecast.

Looking forward to the rest of the year, Samsung Electronics said, “We will solidify our leadership in the premium market.” [smartphone] Segment by mainstreaming the foldable category.” Samsung has an event on the 11th of August where it plans to unveil new phones in its Galaxy Z Fold and Z Flip lines.

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