Skip to content

Samsung Sparks $30 Billion Tech Rally After 21% Sales Jump

  • Firm’s results seen as bellwether for electronics demand
  • Memory chipmakers see growing stockpiles and grim outlook
Video player cover image
WATCH: Sanjeev Rana of CLSA discusses the prospects for Samsung, which reported its slowest profit growth in more than two years.Source: Bloomberg
Updated on

Samsung Electronics Co. reported a better-than-anticipated 21% jump in revenue, assuaging investors’ worst fears about the impact of weakening consumer demand and soaring materials costs on the $550 billion chip industry.

The results from South Korea’s largest company -- among the first major tech firms to report earnings after a pivotal quarter -- helped drive a rally in Asian stocks Thursday. While concerns linger about the longer-term impact of a potential global recession, investors seized on Samsung’s top-line expansion as a sign that chip stocks may have been oversold.