Samsung boasts record quarter amid weaker smartphone sales

What you need to know

  • Samsung reported its second quarter financial earnings.
  • The company posted a record Q2 amid weaker smartphone sales compared to the previous quarter.
  • The company expects “macroeconomic uncertainties” to persist but remains focused on its upcoming product launches.

Samsung released its Q2 financial earnings (opens in new tab) this week, reporting a record second-quarter revenue of KRW 77.2 trillion ($59.2 billion). While smartphones make up a large part of Samsung’s business, revenue was primarily driven by the company’s memory chips and record profits from its semiconductor business.

It’s a surprising turn of events given the ongoing chip shortage that has hindered several industries. However, it also highlights the dependence on the cloud as companies drive higher demand for chips to power their servers.

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