Global demand for artificial intelligence (AI) memory chips is expected to create a 19-fold increase in earnings, according to South Korean technology giant Samsung Electronics.
According to the company’s prediction, it made 89.4 trillion won (£43.6 billion; $58.4 billion) between the beginning of April and the end of June, which would be its third consecutive record quarterly operating earnings.
To assist investors, major South Korean companies such as Samsung offer earnings forecasts prior to official full reports. As demand for semiconductors continues to outstrip supply, driving up prices, Samsung revealed its latest forecast on Tuesday ahead of its full results, due later in July.
According to Samsung’s results guidance preview, the company’s revenues for the quarter were approximately 171 trillion won, which is more than twice as much as it was during the same period last year.
According to industry analyst Marc Einstein of Counterpoint Research, the company’s anticipated earnings represent one of “the best quarterly performances ever” and were nearly equal to the tech sector record achieved by Nvidia earlier this year.
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