(ATR) Quarterly earnings for TOP Sponsor Samsung show a surge in profits, even as the company is embroiled in domestic turmoil.
Latest investor data reported shows that Samsung earned $54.8 billion in revenue and $12.6 billion in profit from Apr.1-June 30. Reports say the jump in profit is driven by memory chips, which accounted for $7.2 billion (57 percent) of the quarterly profit.
Further profits are expected for Samsung with "a meaningful revenue increase" coming from sales of display panels, writes Daiwa Capital Markets analyst SK Kim in an investor note.
Samsung’s profits come at a time when the company is embroiled in a major scandal in South Korea. Samsung group head Jay Lee is on trial for bribery and corruption as part of the wide-ranging influence peddling scandal that brought down the Geun Hye Park administration. Lee is accused of giving money to Park and her confidant Soon Sil Choi in exchange for approval of a merger involving a Samsung subsidiary.
The telecom company is one of the major sponsors for the PyeongChang 2018 Winter Olympic Games in South Korea.
A bounce back in profits comes less than a year after the company recorded a multi-billion dollar loss tied to the recall of the Samsung Galaxy Note 7 Smartphone. The company was forced to issue a total recall on Note 7 phones after an issue with the battery caused some phones to catch on fire.
Written by Aaron Bauer
25 Years at #1: Your best source of news about the Olympics is AroundTheRings.com, for subscribers only.
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