technology
Samsung Forecasts Record Operating Profit of 89.4 Trillion Won, Shares Fall Nearly 10 Percent
Samsung Electronics projected a second-quarter operating profit of 89.4 trillion South Korean won, nearly 19 times higher than a year earlier. The forecast exceeded expectations yet prompted sharp declines in its shares and the Kospi index.
Jul 7, 3:08 AM·1m read1 source
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Samsung Electronics on Tuesday forecast a second-quarter operating profit of 89.4 trillion South Korean won, or $58.7 billion, Insider reported. The figure is nearly 19 times higher than the same quarter a year earlier and exceeds analysts' expectations. The company also projected revenue of 171 trillion won.
The forecast was driven by continued demand for artificial-intelligence chips that fueled memory sales, the company stated. Despite surpassing expectations, Samsung's shares fell nearly 10 percent after the release. The drop in the index heavyweight contributed to a decline of more than 8 percent in the Kospi.
Shares of rival SK Hynix fell more than 11 percent on the same day.
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