Samsung estimates record 72 percent rise in Q2 profit

Jul 07, 2017, 7:50 AM EDT
(Source: Kārlis Dambrāns/flickr)
(Source: Kārlis Dambrāns/flickr)

Samsung said on Friday that its operating profit may have swelled by a whopping 72 percent in the second quarter of 2017, a figure that will beat analysts’ prediction by a big margin if it holds true.

The South Korean company, which posted its highest profit of 10.16 trillion won in the third quarter of 2013, believes it’s profit for the last quarter could touch 14 trillion won, writes The Verge.

The steep rise in Samsung’s profit can be attributed to its booming semiconductor business, as margins have widened after escalating memory chip prices, notes Reuters.