Samsung likely to smash previous records with Q2 profits

By

Samsung
...and Apple may have helped.
Photo: Jim Merithew/Cult of Mac

Samsung’s Q2 operating profit rose 72 percent from this time last year, setting a new record for the South Korean tech giant in the process.

Operating profit likely sits around the 14 trillion won ($12.1 billion) mark, according to the company. Revenue meanwhile increased 18 percent from a year earlier to 60 trillion won — beating analyst forecasts in the process.

This quarter, Samsung launched its critically acclaimed Samsung Galaxy S8 handset. However, while Samsung has yet to break down its earnings for the quarter, it seems that one of the big drivers in profit may have come from Samsung’s partnership with Apple.

Samsung Display is responsible for the OLED orders for Apple’s much-anticipated next generation iPhone 8, scheduled to arrive in the fall. With Apple reportedly upping its focus on OLED displays for next year’s handsets (which will likely all sport OLED screens), Samsung is also increasing its investment in OLED manufacturing.

Yesterday, we also reported that Samsung is allegedly helping Apple with some of the NAND chip orders for its new iPhone, after Apple ran into lower-than-expected yield rates from its other manufacturers. Analysts have tipped Samsung’s chip division as one of the big areas profits have increased over the quarter.

Samsung will release a detailed overview of its second quarter finances at the end of July.

Source: Reuters