Samsung almost doubles Q2 net profit

Samsung almost doubles Q2 net profit

That's not the division where most of the profit originated, though, but rather Samsung logged a stellar quarter because of growing demand for its memory chips, OLED display panels, and other humble components it has been building capacity for in the last decade or so.

Samsung C&T on Wednesday said in its regulatory filing that it posted 255 billion won ($227.5 million) in operating profit in the second quarter ended June, up 44 percent from the same period a year ago.

Buoyed by brisk demand, the semiconductor unit led the company, booking its highest-ever 8 trillion won quarterly operating profit.

Samsung said the semiconductor business was driven by strong demand for server memory and SSD storage while industry supply is limited, and expects demand to continue for the rest of the year.

In May, Samsung said it had sold over 5 million Galaxy S8 and S8 Plus units. It also benefited from growth in LTE equipment sales.

More news: Michelle Pfeiffer joins Ant-Man and the Wasp

Samsung reported record-high quarterly profit and sales Thursday.

Mobile devices and data are the keys to understanding Samsung's ascent as the new industry leader, even as its de facto chief is jailed, battling corruption charges, and it recovers from a fiasco over Galaxy Note 7 smartphones that had to be axed past year because they were prone to catch fire.

The Galaxy S8 series of smartphones recorded higher sales than their predecessors, helping the company's mobile business to rebound from the fire-prone Galaxy Note crisis that cost almost £4 billion a year ago. All of Samsung's products performed exceptionally well with its smartphone and memory divisions leading the charge. It said it also expects to see increased orders of memory chips for smartphones with a number of handset manufacturers set to launch new models in the second half of the year. He added that the S8's success puts the problem of the exploding Note 7 to bed.

The scandal has cast renewed light on the cosy ties traditionally enjoyed by the government and the family-controlled conglomerates known as "chaebols" that dominate the economy.

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