Samsung boasts record quarter amid weaker smartphone sales

Admin, Saturday, July 30, 2022
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What you need to know

  • Samsung announced its financial earnings for the second quarter.
  • The company set a record in the second quarter of the year amid weak smartphone sales compared to the previous quarter.
  • The company expects continued “macroeconomic uncertainty” but remains focused on its upcoming product launches.

Samsung released a file Q2 Financial Profits (Opens in a new tab) This week, it posted record second-quarter revenue of KRW 77.2 trillion ($59.2 billion). While smartphones make up a large part of Samsung’s business, revenue was primarily driven by the company’s memory chips and record profits from its semiconductor business.

It’s a surprising turn of events given the persistent chip shortages that have crippled many industries. However, it also highlights the dependence on the cloud as companies increase the demand for chips to run their servers.

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