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On the other hand, Samsung Electronics estimates a more than 15-fold increase in second quarter (Q2) operating profit, due to profits from semiconductor (chipset) sales.

Chip prices have reportedly skyrocketed due to the artificial intelligence (AI) trend, lifting corporate revenues from a low point last year.

The world's largest maker of memory chips, smartphones and TVs expects its operating profit to rise to 10.4 trillion won (USD 7.54 billion) or around Rp121.3 trillion in the quarter ended June 30.

This profit is much larger than what Samsung pocketed in 2023, which was 670 billion won or around Rp. 7.9 trillion. As quoted from ReutersSunday (7/7/2024).

The profit beat LSEG SmartEstimate of 8.8 trillion won, which was based on consistently more accurate analyst estimates, and the quarter was its most profitable since Q3 2022.

“In addition to higher chip prices, the better-than-expected earnings likely reflect Samsung reversing an earlier inventory writedown on its books, as the value of its chip inventory has recovered on an accounting basis,” analysts said.

Samsung claims the company's revenue likely rose 23% in Q2 from the same period a year earlier to 74 trillion won.

Samsung shares opened up 1.2% after the company announced the information. The company is said to release details of its Q2 revenue and earnings on July 31.