Shifting gears to the economic front,
Samsung Electronics saw earning surprises in its operating profit in the second quarter, led by a recovery in the chip sector.
LG Electronics also saw record-high results in operating profits.
Park Kun-woo tells us more.
Samsung Electronics saw an earning surprise in the second quarter of this year, beating market expectations.
According to Samsung’s preliminary data released on Friday,
the company’s operating profit was over 10-point-4 trillion won or 7-point-5 billion U.S. dollars.
That’s an on-year increase of more than 1-thousand-4-hundred-50 percent.
And it was the first time in seven quarters, since quarter three of 2022, for Samsung to exceed operating profits of 10 trillion won.
Higher demand for memory chips due to an expansion of the AI market as well as higher prices of semiconductors, mainly attributed to the earnings surprise.
Sales were up, too, by 23 percent on-year, recording 74 trillion won or around 53-point-6 billion dollars.
LG Electronics also released its preliminary data on Friday, showing a record high for both its operating profits and sales.
The company’s operating profit in quarter two saw an on-year jump of over 60 percent, resulting in over 1-point-1 trillion won or around 8-hundred million dollars.
That’s the first time ever that the company has exceeded 1 trillion won during any second quarter.
In addition, sales were up by 8-point-5 percent compared to the year before.
That was mainly due to the company’s home appliance business including air conditioners, one of its core businesses, outperforming its competitors.
Sales for LG’s AI technology air conditioners soared on-year by more than 80 percent in June.
And better business-to-business performances such as heating, ventilation, and air conditioning appliances and subscriptions also attributed to the company’s profit results.
Park Kun-woo, Arirang News.
Source : Arirang TV, https://www.arirang.com/news/view?id=272932
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