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Samsung Beats Earnings Estimates on Recovery of Chips, Gadget Sales

  • Company anticipates rise in demand with new product releases
  • Warns Covid-19 uncertainties are ‘unlikely to dissipate’ soon
Samsung Electronics Memory Modules Ahead of Earnings Announcement
Photographer: SeongJoon Cho/Bloomberg
Updated on

Samsung Electronics Co. beat earnings estimates and gave a cautiously optimistic outlook, predicting that new smartphones and gaming consoles will boost demand for memory chips in the second half of the year.

Net income increased to 5.5 trillion won ($4.6 billion) in the three months ended June, the company said in a filing on Thursday, compared with the 4.9 trillion won average of estimates compiled by Bloomberg. The South Korean company had reported preliminary numbers earlier this month that showed operating profit rose 23%.