Samsung forecasts record Q2 profits

Samsung Electronics has jumped 64% over the past year, and Thursday's close at 2,403,000 won falls just short of last week's fresh record high. For the first time ever, its second-quarter operating profits could also exceed those of iPhone maker Apple Inc. The iPhone maker, the world's No. 1 company by market capitalization, is scheduled to release its quarterly earnings results on August 1.

Sales for the April-June period are expected to surge 17.8 percent on-year to 60 trillion won.

Samsung did not announce the performance of each business division. "Chip prices will keep rising and another record operating profit is in sight for Samsung in the third quarter", Greg Roh, an analyst at HMC Investment Securities Co. told Bloomberg. Demand has soared for smartphones and servers with more powerful chips and, as a result, their sales have gone up.

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Samsung had profits of 9.9 trillion KRW in quarter one and it is expecting to posts profits 14.4 trillion KRW which is around $12.2 billion at the current exchange rate.

Despite unaudited results that beat analysts' consensus and a bright outlook for the third quarter, Samsung shares slid almost half a point to 2,393,000 won during Friday's session. The company has entered into multi-billion, multi-year-long agreements for OLED units with Apple, while this week we heard of its $18 billion-worth plans of expanding its memory chips and displays production.

The company seems to be more than making up for the loss of reputation it suffered after its Galaxy Note 7 flagship started exploding due to a battery defect.

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LG Electronics fell 4.15 percent to 73,900 won after reporting an estimated 664 billion won in operating income for the second quarter. Obviously, Samsung's recent efforts in terms of the Galaxy S8 and their device internals business have definitely helped to lead to this historic occurrence.

Samsung has benefitted from increased shipments and strong prices for DRAM and NAND semiconductor chips, as it put behind it last year's Galaxy Note 7 recall fiasco.

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