Samsung’s operating profit increase 15-fold to 10.4 trillion won ($7.5 billion) in last quarter – Times of India

NEW DELHI: Samsung Electronics Co. announced that its operating profit in the second quarter of this year increased 15-fold to 10.4 trillion won ($7.5 billion) from 670 billion won reported in the corresponding period last year.
The South Korean electronics major further said that the growth is primarily due to the robust demand for memory chips, which is being driven by the growing adoption of artificial intelligence technologies.
The tech giant also reported a 23% increase in consolidated revenues, reaching 74 trillion won ($53 billion). The company attributed this growth to favorable market conditions, which led to higher average sales prices, as well as strong sales of OLED panels.
“Driven by strong demand for HBM (high bandwidth memory) as well as conventional DRAM and server SSDs (solid state drives), the memory market as a whole continued its recovery,” the Samsung release said.
The company further explained that the increased demand for memory chips is a direct result of the ongoing investments in AI by cloud service providers and the growing adoption of AI technologies by businesses for their on-premise servers. Looking ahead to the second half of the year, Samsung anticipates that AI servers will capture a larger share of the market as major cloud service providers and enterprises continue to expand their AI investments.