During the second quarter of 2017, Samsung Electronics grossed a record profit, according to the company’s press release.
The report states that Samsung’s net profit in April-June increased by 89% and reached $9.9 billion. The previous record of quarterly net profit was set almost four years ago when the Samsung’s revenue was $7.3 billion. Operating profit of Samsung, compared to Q2 2016, grew by 73% reaching $12.6 billion. Overall, the company’s quarterly revenue was $54.5 billion.
The main contribution to the financial success of Samsung during this period was made by the sales of Galaxy S8 smartphone. Apart from that, Samsung grossed quite a lot on DRAM and NAND memory chipsets.
As analysts say, these figures may allow Samsung to pass Apple for the first time and become the most profitable tech company in the world. For comparison, Apple’s net profit in Q2 2017 is estimated at $8.2 billion. The official financial report of Apple will be published on August 1. In any case, after a series of scandals (Galaxy Note 7 debacle, arrest of vice president Lee Jae-yong), Samsung managed to get back on its feet with great success.