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07.07.2020

Samsung forecasts second-quarter profit jump

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The company could report the highest quarterly profit since the fourth quarter of 2018

Stocks impacted: Samsung Electronics Co Ltd (005930)

Samsung Electronics forecast a 23% rise in second-quarter operating profit, citing strong demand for memory chips and displays, offsetting weak demand for smartphones and televisions. The company said operating profit was likely 8.1 trillion won ($6.8 billion) in the quarter that ended in June, far above the 6.4 trillion won expected by analysts. If so, it would be the highest quarterly profit since the fourth quarter of 2018. Samsung also predicts overall sales in the second quarter would be down by 7.3% from a year earlier. The giant will release its detailed earnings figures later this month.

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