Samsung Electronics reports 11.1 trillion won net in second quarter

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Samsung Electronics reports 11.1 trillion won net in second quarter

Visitors walk past the logo of Samsung Electronics at a semiconductor exhibition in Seoul. [AP]

Visitors walk past the logo of Samsung Electronics at a semiconductor exhibition in Seoul. [AP]

 
Samsung Electronics reported a solid second quarter amid signs of weakness in consumer electronics and smartphones and indications of coming trouble in chips.
 
Sales came in at 77.2 trillion won, up 21.3 percent over the year-earlier period and equal to the analyst consensus. Its net was 11.1 trillion won, up 15.2 percent on year and also in line with estimates.
 
The sales figure was 200 billion won higher than in the preliminary result announced on July 7 and was the second highest quarterly reading ever and a record for a second quarter.
 
The results bring an end to an extraordinary winning streak over three quarters, with the company posting record sales from the third quarter of 2021 to the first quarter of this year.
 
Strong earnings in semiconductors cushioned the weakness in smartphones and home appliances as consumer demand flags in those areas.
 
Semiconductors generated 9.98 trillion won of operating profit, up 3.05 trillion won on year, as demand remained strong for chips used in servers. Sales in this category were up 24 percent on year.
 
It was the only category in which operating profit increased on year.
 
Operating profit in the consumer electronics business, which includes home appliances, sank 66 percent to 360 billion won on year, while in the smartphone business, the figure was down 19 percent to 2.62 trillion won.
 
On quarter, sales dropped 1 percent for the company and were down 9 percent in the smartphone business and 4 percent in the consumer electronics business.

BY PARK EUN-JEE [park.eunjee@joongang.co.kr]
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