Samsung forecasts 53% jump in quarterly profit

Business Desk,
Photo: Collected

Photo: Collected

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Tech giant Samsung Electronics has said it expects its quarterly profit to rise by 53% amid a global chip shortage.

The world's biggest memory-chip and smartphone maker forecast operating profit of $11bn (£8bn) for the three months to the end of June.

It said strong demand for memory chips had offset weaker sales of devices due to the shortage of components.

A year ago, in the first few months of the pandemic, Samsung saw sales of products such as phones and TVs slump.

Since then demand for electronics components has surged as people shifted more of their lives online, while many chip makers struggled to keep up with demand.

The South Korean electronics giant's outlook easily beat analysts' expectations, signalling continued strength for the technology industry.

If the figures are confirmed later this month, it would be Samsung's biggest second quarter profit since 2018.