Samsung forecasts 19-fold jump in quarterly profit as AI demand fuels chip crunch

SEOUL: Samsung Electronics on Tuesday forecast a 19-fold jump in second-quarter operating profit from a year earlier, surpassing its combined earnings over the past three years as it rides an AI boom that has driven memory chip prices to record highs.

The world’s largest memory chipmaker estimated April-June operating profit at 89.4 trillion won ($58.44 billion), beating an LSEG SmartEstimate of 87.3 ‌trillion won, according to ⁠a regulatory filing. ⁠It reported a profit of 4.7 trillion won a year earlier.

Revenue would likely rise 129% to 171 trillion won from a year earlier, it said.