Samsung Electronics expects operating profits in the second quarter to rise 11.4%, the South Korean tech giant said in a statement Thursday, despite ongoing global supply chain woes.
The world's biggest smartphone maker forecast 2022 second-quarter operating profits of about 14 trillion won , up from 12.6 trillion won in the same quarter last year.
"Samsung's smartphone shipments for the second quarter are expected to be just over 60 million units, which is worse than expected," Park Sung-soon, an analyst at Cape Investment & Securities, told AFP. But concerns are growing over uncertainty in the global economic outlook due to Russia's ongoing war in Ukraine and mounting fears of recession driven by inflationary pressure.
The conglomerate's overall turnover is equivalent to about one-fifth of South Korea's gross domestic product.The world's biggest memory chip maker, Samsung Electronics has aggressively stepped up investment in its semiconductor business as the world battles chip shortages that have hit everything from cars and home appliances to smartphones and gaming consoles.
The news came after its May announcement of a 450 trillion won investment over the next five years to"bring forward the mass production of chips based on the 3-nanometer process".
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