Samsung Electronics Q2 shows fastest growth in over a decade [Video]

Samsung Electronics said Wednesday it registered its fastest growth since 2010, with operating profits soaring for the second quarter, as chip prices bounce back and demand for generative AI continues to grow.

The world’s largest memory chip maker posted an “operating profit of KRW 10.44 trillion ($7.5 billion) as favorable memory market conditions drove higher average sales price” for the April to June period, it said in a statement.

It added that “robust sales of OLED panels”, used in creating digital displays, had also contributed.

The figure is a 1,462.29 percent jump from 670 billion won for the same period a year earlier, exceeding market expectations.

Sales rose 23.4 percent to 74 trillion won, Samsung said.

The firm is the flagship subsidiary of South Korean giant Samsung Group, by far the biggest of the family-controlled conglomerates that dominate business in Asia’s fourth-largest economy.

Semiconductors are the lifeblood of the global …