Samsung closes second quarter with record-breaking profits

Maryam Dodhy Written by Maryam Dodhy ·  1 min read >
Samsung HQ

Samsung has just released the figures for their second-quarter earnings and it appears the smartphone manufacturing giant has set the bar even higher. The company states that their profits have surged by 72% as compared to a year before. This beats all estimates market analysts had set previously.

In the second quarter of 2017 Samsung has made a 14 trillion won* ($12.1 billion) profit on a roughly 60 trillion won ($52 billion) revenue. This is a significant increase from their earnings about a year ago and these figures also beat the record previously set by Samsung’s 10.16 trillion won profit in the third quarter of 2013.

Samsung hasn’t released any more details on this quarter’s earnings but it is expected that a complete report will be made public later this month. However, the 72% surge in their year on year profit for the second quarter adds to their mostly positive results from the preceding quarter.

The smartphone manufacturer has been enjoying a favorable time in the international market with the Samsung Galaxy S8 breaking all records of pre-orders and its display was named “best performing” and achieved the highest-ever A+ grade. The company is also trying to recover from the explosion fiasco of Samsung Galaxy Note 7 by announcing that they will be releasing refurbished models into the market soon.

The South Korean giant also appears to be expanding its range by delving into the memory chip domain. The company recently announced that they will be investing $18 billion to enhance the production of semiconductor chips from its factories in South Korea. As of Thursday, Samsung’s shares are trading at a record-high of 2.4 million won and it is expected the company will close 2017 with record earnings mostly owing to an increase in the demand for chips to power complex smart devices.

*Won is the currency of South Korea.

Written by Maryam Dodhy
I love bringing to light stories of extraordinary people working in Pakistan's tech and startup industry. You can reach out to me through Profile