Samsung Electronics posts $9.9 bn Q2 net profit, down 0.1%

Galaxy A

Its semiconductor business continues to do resoundingly well, with continued increases in sales and profits. The unit generated 11.6 trillion won in profits, about 80 percent of its total income.

The operating profit for the chip division accounted for 78.1 percent of the entire pie, trailed by the IT and Mobile Communications division at 17.9 percent.

The display panel business recorded an operating profit of 140 billion won (125 million US dollars) on revenue of 5.67 trillion won (5.07 billion USA dollars).

Now, Samsung has also given a price cut to the popular Galaxy J6 smartphone for the second time.

"The outlook for the memory chip business remains strong across all applications thanks to demand for server and PC memory as well as new mobile product launches", it said in a statement. Samsung, the world's largest maker of memory chips, smartphones and display panels, reported explosive profit growth a year ago, driven by an unprecedented boom in memory chip business. Revenue was also down 20 percent year on year to 24 trillion won.

The launch of the new device can't come soon enough for Samsung, because it also said its profits were hurt by low demand for its flexible OLED panels and reduced prices for its LCD panels.

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Overall, Samsung's mobile business brought in?2.7 trillion (£1.8bn) in operating profit in Q2, a 34 per cent fall quarter on quarter. The device sports 18.5:9 screen providing almost 15% more display area without increasing the overall size of the handset, the company said. The network business, however, achieved solid growth led by investments in LTE networks by key global customers. It offset weak demand for Samsung-made air conditioners.

Looking to the second half, the TV market is projected to grow YoY, especially in developed economies, said the company.

With many excellent handsets now available for several hundred dollars less than its flagships, Samsung is feeling the effects of consumers opting for cheaper models.

"We are hoping that such adoption will serve as a catalyst in the stagnated mobile market", KyeongTae Lee, vice president of Samsung's mobile business, reportedly told analysts.

Samsung attributed the record-breaking performance to higher demand for chips for expanding data centers or cloud services and a trend for electronic devices like smartphones with a larger storage capacity.

It brought the total spent in the first half to 16.6 trillion won (14.8 billion USA dollars).

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