Samsung’s Profit Beat May Precede Slowing Chip Sales Growth
- Tech industry giant weathered the quarter better than expected
- Results helped by one-time gain in the display business
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Samsung Electronics Co.’s shares slid nearly 3% on concerns that growth in chip demand may slow as the world emerges from Covid-19 in the second half of the year, outweighing a better-than-expected profit.
The world’s largest manufacturer of memory chips and smartphones posted operating profit of 8.1 trillion won ($6.8 billion) in the three months ended June, beating the 6.2 trillion won average of estimates. Sales for the quarter were 52 trillion won, according to preliminary results released Tuesday. The company didn’t provide net income or break out divisional performance, which it will do later this month when it releases final results.