Samsung Electronics extended its record run with second-quarter operating profit topping analysts' estimates, as robust artificial intelligence demand continued to drive growth in its memory chip business.
Here are Samsung's first-quarter results compared with LSEG SmartEstimates, which is weighted toward forecasts from analysts who are more consistently accurate:
- Revenue: 171 trillion won vs. 172.65 trillion won expected
- Operating profit: 89.4 trillion won vs. 88.13 trillion won expected
The South Korean tech giant posted a record second-quarter operating profit, up 1,813.8% year on year, while revenue rose 130%. Profit jumped over 56.37% from the previous quarter, while revenue climbed 28.11%.
Both operating profit and revenue were in line with Samsung's forecast released earlier this month.
Samsung last week unveiled its latest product lineup featuring new foldable smartphones, alongside an announcement of an expanded strategic collaboration with Broadcom across memory and foundry technologies.
Its domestic rival SK Hynix reported another record second-quarter profit on Wednesday, though it missed analysts' estimates, sending its shares down nearly 10%.